Ann: Quarterly Activities and Cash Flow Reports - September 2023, page-25

Well - it's always a question of how you define cheap. It is not entirely logical that HMX was already trading at 15 cents, touched 10 cents twice and now - despite some "progress" - has landed at 4.5 cents.

The matter is probably a bit more "complex". A "fundamental" valuation is hardly possible and the comparison with other explorers (e.g. CNB's market cap) does not seem to help much either.

However. From a gut feeling, I would share your assessment. I think an SP between 5-8 cents would be more appropriate - but this is only my view - and I am heavily biased I guess....

If you look at the charts of some "lithium-related" explorers, you quickly realize that the SP, which was considered "expensive" or "fair" a few months ago (and was also discussed lively in the forum in this context between those who believed in the story and others who were much more skeptical) now has a completely different dimension.

If HMX trades at 50 cents next year we are all heroes, if nothing happens and the SP stays where it is we are all losers (and the critical voices all knew better). That's just the way it is....

I think one should - if one believes in the story - stick to the news pipeline. There is a certain potential for surprise (!) and I believe Dan is capable of more in the field of M&A than we might currently think. DYOR