how much it could be worth is really difficult to answer. Other...

how much it could be worth is really difficult to answer. Other than being the right sort of ground, the lithium potential of E25's tenement has barely been tested.

If investors think there's a good probability of something very large, seriously big valuations can and are applied to lithium and aligned mineral deposits. Azure (AZS) is currently the largest of these still being explored tenements. Today they have a MC of A$1.8b for 60% of the tenement (A$3b total tenement value) and have been attracting the interest of Gina Rinehart, Mineral resources, SQM and Mark Creasy. To get a value like that you need big investors having the expectation the project will become one of the seriously big lithium projects along side Pilgangoora, Wodgina, Greenbushes, Mt Holland & Kathleen Valley. A bit of ego of wanting to get it and not let the other billionaire/company get it helps. All those sky-high values need a lot of drilling before they are realistic.

RDN is among if the most expensive pre-drilling lithium stock from its combination to Nearology to Azure and a significant number of robust rock chips. Its probably going to need some good drill results to keep its market cap up in the $100m+ range. If E25's tenement was to be worth anything near that, it would likely require both some strong drill results, indicators of a sizeable deposit and one of the other nearby explorers shaping up a big deposit.

Some very promising early drill results have seen TG6 add around $52m of market cap (ex value in unexercised options/rights). CHR on the combination of nearology to TG6 and soil samples had recently added $10m in market cap, but that fell back slightly today. CHR has yet to drill. Both those gains could be a lot larger if the drill bit finds the good stuff. Before TG6's drilling/soils I had the impression from geology maps that E25 had the better ground.

TG6/CHR MC increases provide some sort of value guide, but both those companies have done work to show their respective tenements show promise. Whether someone was prepared to pay $5m or $50m, I'm not sure. In a few weeks there could be more clarity with results from TG6's phase2 drilling. With those sort of numbers, its not a surprise they could move E25's share price a bit.