QGL vs LMLTwo companies with a slightly different journey and at...

QGL vs LML
Two companies with a slightly different journey and at different stages of development
Market Cap $175M vs $21M based on LMLND share price.

One of my concerns on QGL is the lack of drilling to prove and expand their reserves.

Was the takeover of LML a result that QGL really needs more graphite to justify the size of the planned mining operation?

So far expansion and drilling programs for the Uley resource has been pretty minimal
Uley 3 is proving to be of much lower grade.

LML has already drilled 100 holes in Kookaburra Gully Extension and never release a Reserve Estimate.
Another 6000m of drilling is occurring right now.
They have an exploration target of 90M tonnes

From an investment point of view where will they either of them be in 5 years?

I can see an easy path for LML to reach a market cap of $100M on exploration and promise alone.
To achieve the same share price gain QGL is looking at a market cap of $833M, which would need to come from the restart and expansion of the Uley mine.

Both are exciting graphite prospects and with the looming graphite shortage both could appreciate considerably. If you are going to start up a Graphite mine anywhere in the world Eyre Peninsular would have to be one of the best addresses.

One wonders where QGL would be if the takeover of LML was successful.
In my opinion the two companies would be better as one, but QGL's bid price for LML was opportunistic.