RE:Share PriceMy take is as follows:
1. Market: Lithium market is not a hot market right now for joe public despite the fact that there is still great profit margins to be had. Institional investors will take a longer view than joe public so this is a temporary impact.
2. Deposit proof: Clay deposit is non-traditional and institutional investors do not like non-traditional until proven(PFS should solve)
3. Extraction proof: Leach tests have been small internal tests to date. Institutional investors won't give credence to those tests until results provided on a more formal, larger scale, 3rd party validated basis (PFS should solve). Their recent reference to a proprietary process has me fascinated in this regard. Increasing extraction from an already good rate is positive but what if they can lower the amount of acid which is the highest buget item in processing? That could be highly impactful.
4. Partner/Financing: $480MM is not a small budget. Can this team pull off a partnership or a financing of this magnitude? I think so but again, institutional investors won't risk their jobs on an investment decision before items #2, #3 and possibly #4 are validated. Once institutional investors get their validation, the share price will find a new neighborhood.