SFR General Discussion, page-172

If they're valuing the company solely based on quarter by quarter outlooks, I wouldn't have complaints. But they're not. GS are using DCF methodology with lucrative price of copper forecasts. For me personally, it doesn't stack up to me how they're bearish about SFR with a long-term view, but so bullish about copper with a long-term view.

Particularly noting that what SFR are going through with MATSA cost blow-outs is not a long-term concern (absolutely it's a short-term concern, and has been for some time, but they're valuing SFR from a longer-term perspective).

If you know anything about lithium, you'll realise that their lithium guidance absolutely shows either parasitic tendencies or complete incompetence. I'm certainly not putting their SFR guidance in the same basket, but I don't agree with it given their bullish views on copper.