Ann: High Grade Maiden Lithium Resource Exceeds Expectations, page-33

No, I don't think you could compare GLN with AGY.

Rationale:

• AGY has a much different chemistry with lower grade and higher impurities.
• Their resource is still open to the bottom, as they haven't drilled so deep. As such it still has potentential to grow.
• Having a more difficult chemistry and extraction process this has been sucessfully derisked by a 500tpa Stage-1 pilot plant.
• AGY has a JV with Pablo Alurralde, a lithium processing expert who own patents on how to extract lithium from this type of brine
• They have a proven process to produce >99,5% battery grade lithium carbonate, which is a different call than "just" extracting LCE, also pricewise.
• At the moment they are building a 2.000tpa Stage-2 production plant
• They have an offtake-agreement worth 2.000tpa with Mitsubishi for 5 years (3+2) at market price (so they will benefit from any uplift)

Summary:

• AGY is further advanced than GLN and further de-risked.
• It would call AGY a "Junior Producer" vs. GLN being still an "Explorer"
• Looking at the numbers only, GLN potentially offers the better resource
• Nevertheless GLN needs development and development needs money
• Once GLN has been developed to the state of AGY, we will have seen several rounds of capital raising which will grow the MC as well as the number of shares

Which one is better? I don't know, so I own shares from both