It is fair to say that most of the cash is spoken for: the...

It is fair to say that most of the cash is spoken for: the company's own presentation claims that development costs will be USD474m, which will be spent over 2.5 years. Mind you, using their numbers, the NPV @ 8% yield is worth about AUD5/share, so the market is pricing in a much higher discount rate, a higher capex bill, delays, higher than forecast opex/tonne and/or lower lithium carbonate prices in the future, or a combination of all those things. Given the uncertainty over the inputs, you can make the case that the current price is in the fair value range, but that the range is very wide. I believe it is also fair to say that the market totally knows about the EV revolution and how battery power is the way of the future and it's going to grow at an incredible rate etc etc. Those are all known about - it's GXY's ability to deliver that the market is presently doubting and will dominate the valuation. Let's see if they can do it!