Significantly undervalued, CY20e EV/EBITDA of 1.2x, page-63

Very early on in my research on lithium, like many others, I came to the conclusion brine was a non starter for batteries. That became confirmed for me when SQM made such an indecently alacritous move to grab a stake of KDR with their hard rock deposit. It is, of course, to A40's advantage that KDR's CEO is a dithering ninny (as well as having been previously convicted of fraud) so that their project is progressing precisely nowhere atm. AJM are doing a CR but somehow are valued more than A40. Can't work that one out... So for my money, I'll stay on board here.