Quite how they get LLL having a post tax NPV more than 50%...

Quite how they get LLL having a post tax NPV more than 50% higher than LTR despite having a marginally smaller resource escapes me. But what this spreadsheet doesn't tell you is that Mali had a coup in 2020 and another one in 2021, one before that in 2012, and is currently under military rule. It ranks highly on political instability and corruption indexes, there's a UN peacekeeping force in place, and Wagner PRC is also running around the country. LLL only own 40% of their resource, their closest port is nearly 900K away in another country (which itself suffered a coup in 2021!), their JV with Gangfeng and Mali location eliminates them from IRA consideration, and if they do get to production in 2024, generating that much cash in a country with a GDP of only $19B is going to put a big target on their back IMO.

The real story of that spreadsheet is that while they may appear undervalued, perhaps the market sees them as accurately valued.