The big question.....financing, page-167

I've been looking at the Largo result which was excellent....share price up 7% overnight but remains well below recent highs. Got me thinking....

Largo's share price peaked 5 Nov 2018 at C$4.65 and after last nights 7% rally sits at $2.33 (-49.9%).

Over exactly the same period the V price has declined from $33.90/lb to $15.40/lb currently (-54.5%).

On the face of it the conclusion is, Largo is acting as a proxy for the V price (mostly).

Over the same period again, TMT has declined from 52c to 23c (-55.8%).

As much as a material upgrade in resources at TMT will be welcomed, what we need is a stabilisation of the V price (which surely can't be far away) and then, for the V price to start the inevitable upward trajectory (hopefully in a measured and incremental way) so that by the time the DFS is announced, the V price is sitting in the mid-20's say, which should see us much closer to fair value somewhere above 50-60c (pre DFS) so we can then push on with offtake agreements and a share price well north of $1.