Apart from SYA, another potential peer (to ALL) I've been watching is Critical Elements (CRE.V on the TSX Venture exchange). Has the Rose hard rock spodumene project in Quebec.
Again just using RH's P/NPV8 of 0.8 a comparison
CRE.V closed at SP = C$1.47 and with 205M Shares issued puts MC = C$301M. About C$35M on BS & no debt puts EV ~ C$265M. The Rose project has NPV8 of C$726
On a comparable basis CRE is trading at EV/NPV8 of 265/726 = ~36% ... and quite the present day discount.
Can't buy everything (don't need to buy ALL as that's covered by PLL's economic interest & I could say the same about SYA) but I wonder if PLL has any interest in partnering with CRE as Phase 2 for CRE goes to Hydroxide and their plan is simple - Phase 1 SC6 and then Phase 2 LiOH.
Ewoyaa, page-2
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