Ann: Patriot Battery Metals Commences Trading on the ASX, page-252

Great IPO, huge run, but surely people must see that this is now valued at over two thirds the market cap of Sayona..

Now let's compare for a moment, because it is actually very important.

Sayona is about to go into production with a fully built plant and mine with resource of over 100mt at NAL alone, then Authier, Tansim, Jourdan acquisition, and of course the likely soon to be announced monster of Moblan which could now be over 100mt. Many believe Moblan could be very much larger than initially thought, they've got 34,000m of drilling complete with assays pending about to be announced by January with PFS compete by May. Then there's the new 1000sqkm acquisition of Troilus property adjoining Moblan, Lac Albert, and a 10% stake in Troilus itself. They also have multiple prospective claims in WA.

They also have a half built carbonate plant with downstream PFS underway back down at NAL with over 100 employees on site, multi million dollar rail contract, $250m mining operations contract digging, transporting and stockpiling ore as we speak. Oh, and Sayona has over $100m in cash and another $200m at their disposal in a finance option.


So let's think for a minute, therefore either:

- Sayona is the most undervalued lithium stock on the ASX right now (which could very well be true)
or
- Patriot is in crazy overvalued speculation territory at this price and that bubble could burst very hard.

Now I'm not declaring which statement is true or making any stance here, Patriot are clearly onto a huge body of spodumene up there no doubt, not up or down-ramping (I bought and traded PMT yesterday and today and did very well, wish I'd bought more in hindsight obviously), but you need to have a serious think about this comparison for a moment imo now their market caps are actually getting close since this IPO...

Just my thoughts, good luck to all, it's been a fun couple of days watching this go to the stratosphere tbh.