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over on KDNC just raised the question of the level of resources at Lithium X. It has 1m indicated and 1m inferred. The purchase valued the company at $265m. It is 4.4 times smaller than our current resource, which ignores the jvs and Zinnwald. As a benchmark valuation it's very useful and being conservative, puts our valuation at closer to $1.5bn.

Robin, this is anything but bottom drawer. There is a raft of very important info due over the next few months. Keep a close eye.

Good grief! Marsh still believes that "dark forces" were responsible for the demise of QPP. Rarely have I encountered a man holding such a level of self-delusion.

We have a new CFO and NED.

No, I don't think they were.Until it's actually a done deal, they are not able to represent it as such.

Oily, let's be honest with ourselves. The recent decline is explained by a number of factors: 1) sector movements following the SQM announcement. 2) the delay in the NextView placing. 3) small investors either taking their profits or their losses. In response: 1) the effects of the announcement will not impact the dynamic of the market for some while. 2) we have pre-sold our production. 3) our FS is based upon much lower prices than those currently prevailing and we are economic at those prices. 4) the long term dynamics of the market are quite clear...and they DO NOT point to a reduction in demand. 5) the NextView situation is interesting and there are various possible scenarios. Even if they walk away, we will find someone else. 6) No one cares what a small investor does. We are all totally and absolutely irrelevant. 7) Sonora is one of the most interesting developments in the sector and is ahead of the game as far as the explorers are concerned. 8) we will very obviously be in the spotlight as far as a takeover target is concerned. To conclude, the recent decline has been over-done (as was the rise to �1.50) and anyone selling now must be barking mad.

We don't know this is a discussion about price. It could be many other things; although apart from regulatory approval, i'm not quite sure what.

MrC, don't worry (I know you're not), it'll come back in due course. Agree about EMH. It's a great shame that the political situation is interfering with what is a great asset. If they can sort it out it's definitely worth buying a few. Until that happens, steer clear.

bandit,indeed. The early trades were small in number and size and have already been surpassed by purchases. You do have to wonder about people, don't you? Maybe they think it's all gone tits and that overnight someone's nicked all the lithium.

I wonder if the discussion is about pricing?

"we have been producing samples for months now"...two years, actually. As far as preparation is concerned,the plans are all in place and I have no doubt we're in the advanced stage of funding discussions...if we get that far!

years ago I had a client for whom I was providing corporate finance advice. He operated in the out-sourcing space and had built up his company from zero to a �100m revenue company. When he was talking to potential buyers he was asked endlessly why he hadn't grown it faster; his response was straightforward. He said that the likes of Capita, Carillion etc, who were his competitors, were winning business by the simple expedient of doing it a loss. His view, and he was quite right, was that this would all end in tears. He said the government and councils were acting irresponsibly by accepting the lowest bids without understanding what the consequences would be. Carillion's failure was so easy to see and it won't be the last. As a consequence of his advice I never invested a penny in any of these companies. There is more sheet to come and until the various authorities accept that cheapest doesn't mean best, there is still no reason to invest. By the way, he subsequently sold his business and trousered a multimillion pound cheque. Good for him...he actually understood his business, unlike many of the big operators.

you've missed it there's an interesting article on Lithium Spot containing an interview with the boss of Pilbara about the SQM/Chilean government deal and the dynamics of the market.

Seems your memory is equally as faulty as Marshy's. And don't worry, it really doesn't take too much of my time. Someone asked the other day what investigations are still ongoing: the answer is the SFO investigation. And I imagine the FRC sanction will be of some interest to them. There is also the legal action being taken by S&G against the company as well as the potential civil action by shareholders. I'm answering this because no one else did. This service comes free of charge.

The Canadians have rected a bit more enthusiastically to the announcement than we did.

mtahir, can I add one further observation? If you are considering investing have a look at the shareholding of the Chairman. Putting to one side the very significant institutional shareholders, it is the chairman's that sticks out. It's a massive vote of confidence and contrasts hugely with so many aim companies where the only holding directors have is by way of cheap options designed to screw the ordinary pi. I avoid those businesses as I want my directors to have as much skin in the game as they can afford. I'd like to see our CEO with more, but I don't think he's got the readies and I'm happy that his incentive scheme is driving him towards delivering value. You will not find an AIM listed company with our level of investor support. What could be a bigger buying signal than that?

You're complaining about a 1.7% spread on an AIM stock?!

Phil, it's also the definitive and final part of a dd process for lending institutions. So, as much as I'd love to see a sale (provided the price is right) it could just as easily be the final part of the jigsaw for funding. No bank credit committee would lend until such time as it's been filed. One way or another, news will be flowing during Q1.

In which case, if I were you I'd buy. You may have to sit on a loss for while, but as I said earlier, keep focussed on that ebitda figure.

Dear old Marsh, as deluded as ever and still unable to read. He's never understood what actually happened and persists in his almost unbelievable fantasy that things were all ok. He can't even get to grips with why TW was right about almost everything. And as for his comment of the other day that he thinks the FRC were wrong! He didn't even notice that both Tenon and the relevant partner actually admitted their guilt. Strike a light! Still, Marsh knows best.