Moderated, page-38

"But for me, with excellent opportunities elsewhere, I’m only willing to have a small bet."

Everyone should put their money where they believe it will produce returns. Certainly wouldn't advocate anyone hold any stock, because of something someone said on hotcopper - myself included.

"The reason I rate TLG’s success as less than probable is because of time."

My feeling is that this project will find a way to produce 100 ktpa (or close to it) in 2025. That's when the market really needs it. It's when the E.U.'s environmental regs kick up a notch, and it's when many of the new battery factories are coming online. Pre-2025, E.U. auto OEM's can get away without Vittangi in production. Post-2025, they can't do without it. LKAB is capable of hitting that tonnage in that timeframe, and Talga is capable of refining it. It's just a question of putting the necessary resources (political and financial) behind the project. When push comes to shove, I expect they will be.

As far as SP goes, from my perspective, a slower rise today means a bigger rise in the future. Because, the SP has a lot of growth between where it is now and where it will be in 2025 if Talga is producing 100 ktpa. When the leaps in SP will occur, I have no idea - could be a while. My philosophy is to stay in for the duration rather than trying to guess when the market will rerate. I wouldn't be this patient with any other stock, but I have a high degree of confidence in the macro and the deposit. The upside is so high that I don't want to risk missing the rerates.