I think you are looking at just the Arizona project, the Black Hills in South Dakota is the big fish which is right next to Iris Metals IR1.
Iris $1.80/$180M Mcap v Patriot $0.20/$17M with $10M cash.
So even at $1.00 the Patriot MC is still only half of IR1!
Lots of upside here post listing, the inflation reduction act means local producer will command a premium.
IPO - Patriot Lithium Limited - 5 December 2022 #, page-74
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