Ann: Merger & IPO Spin-Out of LEL and NVX Natural Graphite Assets, page-94

I think the toughest decision in this market is there are too many choices lolz.

If you were to pick one stock per commodity yikes.

For lithium I am pretty much narrowed down to GLN and LEL being the top value choices for brine and WR1 being the best choice for hardrock.

There are a few good choices for coal, as the coal producers in this country can make a lot of money, SMR, NHC, WHC and YAL are all good choices imo, WHC and YAL are capable of 2b+ NPAT per annum.

Graphite still in the gutter, a side by side comparison with GLN suggests market had been valuing LEL's graphite at 0m - 5m in recent times.

basic maths

GLN @ $157.6m mc, they have 8.6Mt LCE
LEL @ $61m mc, LEL have 3.3Mt LCE
8.6/3.3 is 2.6, multiply LEL's MC by 2.6 would be $158.6m, giving the graphite projects $1m in valuation, so the Axon graphite spin off will really make the market value the graphite projects combined with NVX's for what 35m- 45m depending on how many subscribe?

So with graphite, you got AXN for grade, however RNU and probably also ITM on the low cost curve thanks to location and soft ground, even though lower grades, KNG could be a good one for high grade, but they are well behind all 3 stocks in metallurgical testwork.

REE is probably the easiest choice, there is one stand out choice VMM, thick intersections, high grades, truly Ionic clay, cheap to dig and can be processed with low acidity, MC is daylight and night compared to their peers.

Oil & Gas there aren't many good choices on the ASX, STO, WDS and BPT, even though all can make money, they are a longway south of their historical highs, so perhaps some potential upside in those 3. HZO is the only really consistent profitable small cap I know of, but is in Chinese waters.

I think I will leave it at that, just typing my thoughts out. Have a good day all.