WR1 General Discussion, page-23398

Kevin - I do not know what drugs you are on to discount Canada vs Brazil but perhaps you should ask for different meds.

If you are quoting others, you should both read their comments in their entirety and then also question their competence in this valuation space and their motivations.

In valuation - the best way to judge valued is by what an informed and competent buyer would pay for it. All other approaches are models that do their best to reflect the real world but will always be limited - some more than others.

These takeover offers are the basis on which a number of WA companies have been valued and that has spilled over to some extent to other WA companies. This will no doubt overcook both capex and opex for many WA assets. Supply and demand.

Canada is one takeover away from a similar rerating - that is only to say that retail has mispriced most assets in the sector by assuming very little future revenue as if lithium prices will fall further and stabilise.

This is not how commodity prices work and the big boys who look to M&A know this very well.