Redcloud maintains BUY and $1.35 price target for LRS, page-11

For the record, Sigma has an 85MT JORC with an NPV of $15.3bn.

If LRS equals this tonnage, there’s no reason to think we shouldn’t be roughly valued at a roughly equivalent price to them when we hit production in 2026 (all things being equal)

Given our resource upgrade for Colina (excluding Fogs Block) should take us to somewhere between 55-60MT this December, we only need one other decent discovery that brings in 20-25MT and that will already have us equaling Sigma’s JORC.

Our current market cap of $540m has us valued at 11.4% of Sigma’s market cap. That’s a lot of potential extra value to be taken up in our market cap over the next 12-18 months IMO.

Finally, if Sigma agrees to a sale over the next few weeks I’d assume it would be for a market cap of somewhere around $7bn-$8bn or roughly 37% premium on the current market cap.

Assuming this were to happen, would that premium start being applied to developers like LRS who are now ~2 years from completion of construction?

this is what seems to have happened to WA deposits based on the M&A activity from Gina, MIN, SQM and ALB