What was a A53c stock as recently as March is now back at 24c, taking the group's market capitalisation down by $427 million to $352 million.
Talk about a rude awakening, particularly for those investors who kicked in $53 million in to GSC's coffers in June in a placement at 41c a share that was fully underwritten by Citigroup Capital Markets.
That sort of pain has been shared by the other ASX-listed lithium developers. Kidman Resources is the obvious example with its dive from $2.38 in March to $1.02.
It's as if the market has suspended all belief in the thematic that come 2025, the world is going to be short of the lithium needed to fuel the revolution in electric vehicles and the storage of renewable energy.
The reality is something else. That...