It seems you need to do a bit of sector research mate. Since no-one else wants to play, I'll explain how I arrived at A$30m:
1. Power Minerals (PNN) have a JORC resource (M,I &I) of 714,000 tonnes LCE versus AGY's 686,000 tonnes at Rincon. So these two companies are operating on the same salar and are very close in overall size, however AGY have the edge on grade, and it is all one resource at Rincon, whereas PNN have their total resource spread across the Rincon, Incahusai and Pular salars. PNN have a market cap of just
A$10m, so I think the A$30m valuation I applied to AGY's Rincon resource is more than generous to account for the singular resource and slightly higher grade.
2. Argentina Lithium and Energy (ALE) have similar sized tenements to AGY, if not actually larger (see below), on the same salar. While they haven't delineated a JORC resource just yet, they have already achieved drill results of >400 mg/L, which is higher than what AGY have achieved. They also have significant tenements at Antofalla North, Pocitos and Incahusai salars. Importantly, they've also attracted a strategic investment from Stellantis (US$90m). And yet, ALE have a market cap of just
A$35m. That's for four potential projects, one of which is on the same salar with similar sized tenements as AGY, and has already drilled higher grades.
Side note - I would not be surprised if AGY tried to acquire ALE's Don Fermin tenement if they want to eventually expand to 24 ktpa; they'll need the land.
3. Galan Resources have a contained resource at Hombre Muerto West (HMW) that is 32 times larger than AGY's Rincon resource. And GLN currently have a market cap of around A$130m. Divide that by resource size (32), and you have an equivalent resource valuation of just
A$4m for AGY's Rincon resource. And that's totally ignoring their spodumene tenements in Canada and Greenbushes South.
I know you'd love AGY's resource to be worth several billion dollars, but it just isn't so. Look at the evidence, look at the peers, and you can see it clearly for yourself. All you have to do is open your eyes, rather than stubbornly insisting that your investment is wildly undervalued. The facts show that isn't.
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