From what I remember of the full report they had given James Bay...

From what I remember of the full report they had given James Bay next to no value (was it $40m?). That is a major oversight - but can be addressed very soon with the new JB DFS.
I can't understand the rationale behind dropping us 10% when they have outlined a path to the most bullish figures I've seen for spodumene - $870 US/t ($1200AUD/t).

I wouldn't be overly concerned though. Canaccord reports are always on the low side. Strachan was more in-depth and gave us higher - was it 96c? - but they also missed adding anything more than a token value for James Bay. Remember - Anthony Tse has sign-posted a possible willingness to sell a bit more equity in James Bay. That would be a massive bonus for GMM. James Bay deposit is huge and world class - and lies on the surface. Cheap and easy to mine that thing. I hope they get started on the build this year.

I'd be happy with 85c for us as a short-term target and then let the flow of progress and positive announcements from Mt Cattlin carry it upwards. There is still James Bay DFS, drilling results, more offtake news and capacity upgrades to add a few more logs on the fire.

The higher valuations will come - but as we don't need them right now its not much cause for concern. I bet you a shiny dollar that by the time we hit 80c that they'll have revised their revision