Reality Kicking In, page-83

PLS MC: 444m; Debt: 139m; Cash: 108m
Project Value: 475m

AJM MC: 110m; Debt: 261m
Project Value: 371m

GXY MC: 297m; Cash: 200m
Mt Cattlin, James Bay & Sal De Vida Project Value: 97m

AVZ MC: 155m
Manono Project Value (100%): 258m


At AVZ, you expect someone to pay $A1b for 50% of Manono, notwithstanding the opportunity cost, EPC, Production and sovereign risks of doing so?

Debt finance is impossible. Only equity participants need apply there.

Even in the improbable event that you achieve this, that would leave AVZ with 10% of Manono (assuming a project value of $A2b!!!). Therefore a MC of $A200m and a SP of 8c. That's the very best you AVZ shareholders can hope for... and quite frankly, that's Pollyanna.

Its easy to see from this, that in the current climate of oversupply for Lithium raw material, the SP for AVZ should be under 2c. This is why the AVZ BOD sought to have their May options underwritten. You are ostriches with your heads in the sand.

Either PLS, AJM and GXY are remarkably undervalued or you AVZers are ?

Given the risks involved, AVZ only has a snowflakes chance in Hell of getting to production. Greenbushes spoke publicly of the difficulties in mining Spodumene in 2017. AJM and PLS can attest to this. Yet you think AVZ will go to production easy peasy? Get real.

The Chinese are a big cat and AVZ is a delicious little mouse. They are going to play with AVZ ... before the inevitable. They will dilute current AVZ shareholders to oblivion. They have time on their side.