Wurlitch, I would not be one to criticize you for your views and...

Wurlitch, I would not be one to criticize you for your views and in fact you are one of the few posters I have set to my favourites on the WA1 forum. You have provided some sound fundamental analysis in the past which was appreciated by many at the time. However, I am in the camp that thinks you may be on the conservative side. There is nothing wrong with that and it is a far cry from the fear mongers who rock up to scare the kids when times are a tad dark. They usually have nothing of value to offer fundamentally. Only fear. I think a variety of opinions makes for a vibrant discussion and a robust debate. We should all be mature enough here to accept a variety of views as it is pointless for all of us if we live in an echo chamber where we all just sit around and discuss how awesome WA1 is.

In regard to your concerns I would argue that we are not yet at the orphan stage. Of the 233 holes that WA1 drilled this year only 102 have been reported and many of them have been awesome. Should such awesomeness continue then I would expect further rises. I think it's pretty clear that 2024 exploration will resume before all the 2023 holes are even reported. A billion-dollar market cap is still a modest valuation for a world class deposit of just about anything especially a commodity so rare. I also think with more supply and more diversity of supply that more Niobium demand may arise. Maybe we will reach that orphan stage a bit before the MRE comes out but not yet.....in my opinion.