Transaction Valuation Comparisons for AVZ, page-30

 

Spot on, traction perhaps after theelection!!!

 

Updated peer EV/Resource spodumenecomparisons below after the announcement of the pending Albemarle’s 50%purchase of the Mineral Resources Wodgina Lithium Project in WA and AVZ’s ManonoLithium Project becoming the officially the largest Tier 1 hard rock lithiumJORC deposit in the World (>15% of World JORC calculated resources,currently).

 

Again, just another value to theoverall transparent light table to take into consideration, that’s all, nothingmore nothing less.

 

MIN 22/11/2018

Mcap $2,963M @$15.76 fps (188M fps)

Wodgina Ind/Inf res 259.2Mt @ 1.17% Li2O (Prov/Prob res 151.9Mt@ 1.17% Li2O 160ppm Ta2O5)

Albemarle purchasing 50% of Wodgina on an as is pre-productionbasis for Aus$1.59B

Wodgina value per res Li2O tonne (~3.03Mt contained Li2O) = ~$1,050t

 

TAW 23/11/2018

Mcap $164M @ 28.5cfps (578M fps, ~$11M cash, $16.2M debt)

Bald Hill (50%)Ind/Inf resource 26.5Mt @ 0.96% Li2O (Prov/Prob reserve 11.3Mt @ 1.01% Li2O 160ppmTa2O5)

TAW value per resourceLi2O tonne (50% of ~0.255Mt contained Li2O) = ~$1,286t

 

AJM 23/11/2018

Mcap $382M @ 21c fps (1820M fps, ~$10M cash, $173M debt)

Pilgangoora Meas/Ind/Inf res 50.5Mt @ 1.01% Li2O (Prov/Prob res 41.1Mt@ 1.05% Li2O)

AJM value per res Li2O tonne (~0.512Mt contained Li2O) = ~$746t

 

PLS 23/11/2018

Mcap $1,456M @ 83.5c fps (1744M fps, ~$90M cash, $138.5M debt)

Pilgangoora Meas/Ind/Inf res 226Mt @ 1.27% Li2O (Prov/Prob res 108.2Mt@ 1.25% Li2O 120ppm Ta2O5)

PLS value per res Li2O tonne (~2.86Mt contained Li2O) = ~$509t

 

KDR 23/11/2018

Mcap $511M @ $1.28 fps (398M fps, $7.9M cash, $106M fundsfor mine development + $40M cash

 upon SQM deal beingexecuted/conditions ticked, no debt)

Mt Holland (50%) Meas/Ind/Inf res 189Mt @ 1.5% Li2O + Au (KDR100%) Meas/Inf res >1M ozs

KDR value per res Li2O tonne (50% of ~2.83Mt contained Li2O) = ~$361t

 

BGS 23/11/2018

Mcap $47M @ 20c fps (234M fps, $2.3M cash, capital raising due)

Goulamina, Mali (90%) Ind/Inf res 103.2Mt @ 1.34% Li2O (Prob res31.2Mt @ 1.56% Li2O)

BGS value per res Li2O tonne (90% of ~1.39Mt contained Li2O) = ~$38t

 

PSC 23/11/2018

Mcap $49M @ 2.4c fps (2,046M fps,$12M cash)

Arcadia, Zimbabwe Meas/Ind/Inf res 43.2Mt@ 1.41% Li2O (Prob res 26.9Mt @ 1.31% Li2O 128ppm Ta2O5)

PSC value per res Li2O tonne (87% of ~0.609Mtcontained Li2O) = ~$92t 

 

AVZ 23/11/2018

Mcap $147M @ 7.8c fps (1,888M fps, $6.5Mcash, no offtake agreements)

Manono Global, DRC (AVZ 60%) B of Env lower resource 656Mt @>1.5% Li2O >900ppm Sn

AVZ value per res Li2O tonne (60% of ~9.8Mt contained Li2O) = ~$25t,prev $31t (02/10/18)  

ManonoRoche Dure Peg, DRC (AVZ 60%) Meas/Indi/Inf res 259.9Mt @ >1.63% Li2O 844ppm Sn

AVZ value per res Li2O tonne (60% of ~4.25Mt contained Li2O) = ~$58t 

 

Based on a peer on peer’s resourcesector EV comparison AVZ (post JORC resource) is still extraordinarilyundervalued, nothing more to say but … Bye …

 

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Top Ten Tier-1 Hardrock Lithium Projects

 

“The two highestgrade in the world — as well as the largest hard-rock projects — areGreenbushes in Western Australia and AVZ’s Manono. The Greenbushes pit is nowmore than 500m deep whereas AVZ is at surface — and has tin as a by-productcredit.” *, 11^th September 2018