3.5m barrier at 17cps, page-29

its not really a direct comparison to GXY in that way, thats just the vagaries of the market at work.

i pull everything back to market cap ($215m currently), and expected profit over life of mine ($1b over 13 years).

given that profit forecast in the dfs was at a spod price much lower than current, and before resource upgrades, this tells you AJM is seriously undervalued IMO. if you take current price of lithium and a 30-50% resource upgrade, we are looking at $2b+ profit.

The question you have to ask, is what would you be willing to pay (cash), to buy a company today that is going to give you minimum profit of $1b over 13 years? and upside of say $2b over 20?

Looking at where AJM is at right now and the high prospect of upgrades, Id be happy to pay $600m.

If the upside gets confirmed with resource upgrades or confirmation of offtake price, maybe i am willing to pay $1b+ ?

So i am seeing minimum 3 bags from here. Upside is 5 bags+.

Disclosure: I am in with an avg buy of 13.5, with about 20% of what i have invested in stocks

all IMO, DYOR