developing the thesis for a pair trade, page-3

I agree. Better to just go long ORE and short TLSA in whatever proportion you are comfortable. There are lots of company specific risks (on the upside and downside) in both stocks that won't necessarily play neatly.

Personally I'd expect that ORE could rally back to $4 over the next 12 months provided everything remains on track and there are no nasty Argentinian surprises. After that how high it could go ($5,10, maybe even $20) will largely depend on just how strong the Li market is.