Yes, that's right; SYA holds 60% and SOQUEM owns the remaining 40%. But my point isn't about which company makes for a better investment; it's about which asset is more appealing to a potential long-term partner seeking stable supply.
At this stage, Moblan stands out: it's larger, has a higher grade, sits right next to a main road, and has already reached the DFS stage. So the question I'm raising is, without Renard, why would an offtake partner favour Adina over Moblan?
The only advantages I can see for Adina are a slightly lower strip ratio and the Renard option, which is set to expire soon. Without Renard, Adina doesn’t stack up as the more compelling option.
And Moblan isn’t the only competition. QTWO (TSX-listed) is right behind us, and while they don’t yet have a JORC-compliant resource, they’re pulling in some massive intercepts (for example 347 metres at 1.35%).
What I’m saying is, without Renard, Adina doesn't seem like the most attractive lithium asset in Canada. I really hope CE can find a way to hold onto Renard, but at this point, I’m not feeling confident. Right now, WR1 looks more like a bargain acquisition target than a serious contender for a long-term strategic partnership.
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