E4: I Feel Good Altura. Dead Flowers, Valentine’s Nemaska

The School of Rock = The School of Hard Knocks in Western Australia & Quebec in recent weeks.

The circumstances at Altura and Nemaska are meaningfully different, but nevertheless a great reminder that mining or brining of any type is hard. A Cost Over Run is No Fun, especially if timed when Mr. Market sentiment is looking glass half empty, and a project has substantial covenant-heavy debt.

I Feel Good Altura is a reflection of their "in production" status, relatively uncomplicated SC6 business model, modest working capital need and substantial insider support.

Nemaska's USD 280M hole is more complicated, but unlike the Dead Flowers Valentines sentiment expressed by many, there is still a Glass Half Bull prize in battery hydroxide from high grade hard rock in one of world's best sovereign jurisdictions proximate to the very large North America Auto OEM and battery market.

Will off-take partner LG Chem step up Gangnam Style? And/or will those holding NMX's 900 m shares be inhaling Softbank Vapors and Turning Japanese? Will other Lithium producers step in?

Rodney and I also discuss Livent’s Q4 results, SC6 pricing and the impact on Mineral Resources, Altura, Pilbara and Alliance Minerals. We welcome good news from bellwether Albermarle in Chile and attempt to read the China tea leaves with softer GDP growth amid tight credit, trade and EV subsidy uncertainty & increased local lithium production.

Not Investment Advice. DYOR. Read Disclaimer at www.libull.com