Argentine Brine Comparables, page-186

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27/05/25

09:50

Post #: 79200207
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Originally posted by petesdream: ↑

RIO's new JV with Codelco for the Maricunga project is unfathomable. $1.4B commitment to the project for 50% in a JV

This is the same project LPI once owned (50%) and sold to Codelco back in September 2023

Just to give some GLN context:

LPI was taken over (their sole asset a 50% interest in the Maricunga project) for $385M
This represented a 119% premium to their ~ $175M market cap
GLN at the same time had a ~$240M market cap

Rough peer-to-peer valuation for us based on this sale would have been ~$530M

So 37% higher.

20 months later, we pump $120M into our project (HMW) and have a market cap of $95M.

20 months later Maricunga gets a 50% commitment for $1.4B

For equivalency purposes, this would equate to a $960M JV for us...right now

I could go on further to say we are also now fully permitted and have an export licence. Maricunga doesn't appear to have any work completed on it since the 2023/24 sale - it's currently unpermitted.

I must be missing something here? This seems absolutely bizarre.

Expand

I guess it's not as good as an opportunity as most people on here have convinced themselves ...
Is it the resource? The topology? The complexity of exporting the goods? The people to deal with? Any combination of the above? All of the above?
GLN Price at posting: 9.7¢ Sentiment: Hold Disclosure: Not Held
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(20min delay)
Last 9.6¢		Change 0.002(2.13%)		Mkt cap ! $91.96M

Open	High	Low	Value	Volume
9.6¢	9.7¢	9.3¢	$265.1K	2.794M

Buyers (Bids)

No.	Vol.	Price($)
2	91362	9.3¢

Sellers (Offers)

Price($)	Vol.	No.
9.6¢	805	1

View Market Depth

No.	Vol.	Price($)
2	91362	0.093
5	197032	0.092
1	55914	0.091
3	76000	0.090
1	11235	0.089

Price($)	Vol.	No.
0.096	805	1
0.097	200316	3
0.098	200000	1
0.099	41000	2
0.100	784898	9

Last trade - 16.10pm 16/06/2025 (20 minute delay)

GLN (ASX) Chart

Argentine Brine Comparables, page-186

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Argentine Brine Comparables, page-186

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