tbh I think the comparison is:PMET CorvettevsWR1 Adina +...

tbh I think the comparison is:

PMET Corvette
vs
WR1 Adina + Renard

It's actually quite complex to try and value as it's obviously not a simple per-unit valuation.

We all know Corvette's scale provides additional value because (other factors ignored) scale means an attractive acquisition target. PMET wins that battle and I expect always will.

But time value of money, derisking, and capex / capital intensity are in WR1's favour. They will produce earlier, with fewer hurdles, will dilute holders leas to reach that point, and will pay back capex earlier.

So, if PMET has 3x the lithia units than WR1, it does not logically follow that it should be valued at 3x WR1.

I personally think one could trade in and out of these two companies based on which pulls ahead or falls behind in derisking and (realistic) comparative valuation.

The recent news that the US will impose a 100% customs duty on Chinese EVs will really light a fire under development of the entire NA supply chain. We are all in the right place, let's take a moment to give each other some credit for seeing the lithium opportunity in North America.