Ann: Orocobre and Galaxy Proposed Merger, page-166

Itis bizarre isn't it. I think part of the issue is that PLS and other hard rock miners were beaten down slightly more in the lithium price slump.

The other factor is that the PLS market cap is now a huge $5.7B and ORE is still only $2.7B (plus we need to add to that the GXY market cap of $2.3B going forward, so a total of $5B, but still less than PLS), which seems a lot for a not-very-diversified spodumene mining company.

Of course PLS did take over the Altura mine assets when they essentially went bust, so that would have added to their market cap and their resource base, but it's still hard rock mining in the same location.