One potential retort on a positive/optimistic Ardea valuation is...

One potential retort on a positive/optimistic Ardea valuation is that Heron have been here before, and look at how that played out.

An important point of difference between 2007/08, and 2018/19, is the market for cobalt and nickel.

Anyone concerned about this should put "cobalt demand" into google images. Compounding demand growth is a wonderful thing.

And then google "class 1 nickel battery". Here is Mckinsey - https://www.mckinsey.com/~/media/Mc...ass act/The future of nickel A class act.ashx

A choice exerpt copied below:

"With annual EV production expected to reach 31 million vehicles by 2025, demand for high-purity class 1 nickel may increase significantly from 33 Kt in 2017 to 570 Kt in 2025. This comes on top of class 1 demand from traditional end-use segments i.e., plating, foundry and super-alloys. A shortfall in class 1 nickel production seems increasingly likely as current low nickel prices do not support class 1 nickel capacity expansions and alternative strategies e.g., shifting existing production from nickel cathode to nickel sulfate or refining nickel intermediates, seem unlikely to provide long term solutions. As a result,
not only will nickel prices likely need to move towards incentive pricing but the future pricing mechanism is likely to reflect two distinct nickel products: class 1 and class 2."