It would be interesting to see how big the discrepancy between...

It would be interesting to see how big the discrepancy between NPV and market capitalization is for other companies that have a similar business model and are at a similar point to Talga. I don't have a clue if we're really undervalued when comparing us to peers.

I'll play devil's advocate as to why the current valuation still differs greatly from the valuations that may be possible in the future:

• It's hard to tell how valid the assumptions from the DFS still are, as inflation is driving CAPEX/OPEX upwards and prices of graphite and anode material are/were in free fall,
• Talga has not been able to reduce many of the known risks in the past 12 months, and there are too many uncertainties like offtake partners and conditions, financing, permitting, timing of full production, risk of near-term capital raise,
• Another really critical point is whether alternatives to natural graphite (synthetic graphite, lithium anodes or silicon anodes) may spread faster and more widely than Talga thinks. The fact that graphite is apparently the only EV material where recycling is almost impossible would be another argument for developing and pushing alternatives.
• On top all the macro themes like conflicts in Ukraine and Israel, China vs. US, the possible demise of the European car industry, etc.
• And of course, it feels like almost all companies involved in the mining of EV materials have been mercilessly wiped out in the past 12-18 months.

I am really curious to see whether we will see light at the end of the tunnel in the coming months or whether this drought will continue for quite some time. But today is Friday, so if I take off my pessimist glasses and put on my optimist glasses, then I wholeheartedly agree with your statements.