Hey there IV ... long time ...
I was doing some analysis on another investment ... so I just broke out Candelas to get an "implied value" based off of MRE. Really looking at actual past transactions (where cash has changed hands) and a couple a based on company Market Cap.
All in US$ (of course)
One thing that is immediately obvious is "size discrepancy" (and size matters ... always does ... as does grade and thickness (say volume) and then of course grade ... higher grade lower volume to process and lower Opex). The other aspect is always what category ... Measured is best of course as they can be converted into Reserves and Reserves is (generally) a prereequisite for debt (along with OTA). And then do we benchmark off M&I or the Total MRE (I always like M&I only) - Inferred needs a bunuch more capital to be spent on it.
So as I look at it ... might be able to toss a US$17M price tag on the whole thing (so ~AUD$25M), giving credit for grade. The outlier on price appears to be Zijin 3Q - but that was in the lithium rush of 2022/23, LAAC selling a fraction of Pastos Grandes to its JV partner so doubt anyone else would pay quite that premium and Maricunga is in Chile, outstanding grade but quite different investment.
JVing it for 50% and including works spent might get ~US$12M in this low part of the investment cycle. Sort of inline with @ILikeBread
Hope it helps and adds perspective ... Nothing to precise.
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