Generally prices spike for drilling approvals then trickle down. Drilling results become the next big factor, which is used to update the JORC. Grade and tonnage is king. Many ASX explorers get mining licences only to get shitty drill results - see other lithium forums.
There's also offtakes that will boost a price, but in AZL case they are waiting for updated JORC and a resolution to indigenous opposition.
The longer AZL take to get drilling approval, the further it puts them back gaining production. Last year was wasted for example. This has them supplying into a market that is in surplus, not deficit. Which means prices are unlikely to go wildly speculative, as they have in recent times.
Another angle could be they drill, get mediocre results, become a target for M&A. You may end up owning another company. Ive had 3 lithium miners taken over or merge.
For lithium juniors the planets need to align, its that hard to get into full production, most current ASX producers still haven't hit full production, for that reason. Lithium is a chemical business more than a mining business. Its not easy, and AZL has an uncosted and unproven method at full production, the DFS will reveal all.
Every shareholder should weigh up the pros and cons and find a suitable entry price, that they feel comfortable with. Mine is around the 5c range, which allows for the fact that more can go wrong with this project, than can go right.
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