I think if we only consider the spod business, the valuation now...

I think if we only consider the spod business, the valuation now has already reflected almost every good things that could happen in the following few years.

To validate higher SP, there need to be some significant progress on the POSCO JV or other effort to enter the downstream businesses with more added value, which I believe is something the management is working on.

Imaging if the spod price booms in the following years, that would provide large amount of cash flow to finance the company's chemical plants expansion and make PLS the absolute leader of the world's lithium sector.

I have the confidence in the company's management. They have made mistakes, but they seem to know what is the most important things at every stage. A good management team can make big difference.