Not so much grade or location, more mineralogy and processing.
I've stated this a number of times, but comparing potential Li mica to salt companies like PLH with Li pyroxene (spodumene) quarriers makes no sesnse. It's like trying to compare a stainless steel producer that mines its own taconite feed (low grade iron ore) with FMG. One mines low grade ore and turns it in to high value product, the other mines high grade ore and sells it.
Despite what it says in the PLH guff, Li mica is not 'Europe's feedstock'. Li mica was the original Li ore, but was quickly replaced by spodumene and brine. There are no major commercial producers of Li salts that use Li mica as ore feed.
Potentially huge upside with this stock, though. Do you want to mine 1.5-2% Li2O ore, process to 5-6% Li2O and sell for $800/t (bulk transport costs on your account) or mine 0.5-1% Li2O and process to Li salt worth +$10,000/t (transport cost immaterial given proximity, value and substantially reduced bulk)?
Investing in PLH you take on the mineralogy/process risk but the payoff could be astronomical.
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