Ann: Private Placement of Shares , page-15

There's not much to compare with 2ic. Plenty of juniors with a small area of salar or a spodumene outcrop but not much of substance.

Western lithium is one of the furthest progressed (market cap around CAD $160m) - this is a hectorite clay project so no comparisons with existing producers. Lithium Americas Corp (our neighbour at Cauchari) are the most advanced salar brine project, they are private so there is no current pricing. Their most recent placement valued them at around CAD$50m but I suspect they used ORE's price as the basis for that. LAC were originally a spin-off from TSX listed company, Latin American Minerals (LAM). The CEO of LAM diluted its ownership in LAC through a placement at a very low price, which he himself participated in. At one point I thought some sort of merger with LAC might be a good thing, but not if it involved the management coming across.


As a rule the Canadian market seems to value resource companies more highly and the additional liquidity means that they track commodity price movements and other news more closely. As I said earlier I think there might be moe to it than that.