You should look at Valuation (or enterprise value), not share price.
Ganfeng's cash offer for Millennial Lithium is C$3.60 per share, 21% premium at their 20 day average, consideration is about A$378m, implies enterprise value of A$375m, or 28% of the NPV.
GLN, enterprise value is $230m.
GLN, DFS is likely to be 25,000 tpa LCE
Grade 946mg/l Li (low impurity, mg/Li: 1.8)
Similar Capex, similar Opex, 40 years life
Millennial Lithium: (Value $375m)
Grade 427mg/l Li (high impurity, mg/Li: 6.2)
Proposed Annual production 24,000 tpa LCE
If GLN were to match Millennial Lithium, then offer would be around $1.50/share for HMW alone.
All imo.
Compelling opportunity, page-2393
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