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Yes all true, the Lithium price has a large bearing on the share price as said by Chris Reed in the presentation you showcased. So just me thinking, that might be the Achille's heel holding the share price down to a value that is nearly cash backed.

For a small mining firm, Neometals Ltd (NMT) is doing something right to generate a lot of cash and they are happy to reward shareholders when it seems prudent to do so. I have followed many mining firms over the years and usually what happens is when a mining company generate a lot of cash from a 'cash cow' mining asset, the management usually get greedy and start buying useless assets and waste that money like a celebrity on Fifth Av, NY.

One of my favourite mining companies Metals X Limited (MLX), that has a beautiful Tin mining operation that produces a nice profit each year, seems to have put a hole on the bottom of the ship via an acquisition and has it's share price in the gutter. I have been discussing about the current state of this  mining company with 'Miner' in the MLX thread.