No idea what you are talking about in your first para - EFE and...

No idea what you are talking about in your first para - EFE and Yahua?

Talking of valuations CXO has 30mt at about 1.2% and is valued at $1.8mt and the chart above (not mine shows it is very over valued relative to other Li stocks (I made this comment in an early post) but bear in mine there are a. Aridity of metrics to value a stock and the one above is just one measure.

About half of AZS MC (excluding cash) is for the Ni/Cu/Co (say $50m to $70m) and $23m is cash so potential Li is valued at $57m to $77m. ESS valuation based on a 10mt resource is about double AZS for Li.

It is always about risk vs reward. From my research which I have put on the various AZS threads for about the last month, AZS Li at very early current stage, looks very encouraging compared to LTR, PLS, PMT, KDR (now Wesfarmers), all over 100mt up to 300mt deposits. It looks better than PLS and LTR at the same stage and none of them had SQM in their corner at the same stage. Compared to other smaller deposits like RDT,CXO, WR1 and others I have looked at, AZS at the same stage looks more promising.

The valuation of a stock is in the eye of the beholder and every one has a different view. Investors are buying for the potential of 100mt Li deposit at AZS based on very encouraging early signs. Buying AZS for a potential Tier 1 Li deposit is high risk and most investors will not want to take that risk which is fine. I and others are accepting the risk with eyes wide open. While I am sure you and others will disagree, compared to some other explorers I have looked at over time (not just Li) IMO the valuation of $57m to $77m for an explorer with a high potential significant deposit (without an MRE or assays) does not look overly demanding, but may be compared to other explorers.

If the first assays are positive the AZS SP will go higher and remember nothing in life is certain and AZS Li could be a dud.

It is very important for investors undertake their own extensive qualitative and quantitative research on AZS to form their own opinions. Failing to do so will result in investors having a bias view of AZS, its risk and reward.