Hi ResourceEagle,I did update my spreadsheet to include Sigma...

Hi ResourceEagle,

I did update my spreadsheet to include Sigma but I was waiting to hear more details on the Tesla deal which seems like it may not be happening. Nevertheless I have added Sigma using their current undiluted market capitalisation for comparison purposes which shows that the market values Sigma spodumene in Brazil at $1,857 per tonne of LCE (on a Total Mineral Resource basis) which if applied to Galan would yield a share price of $36 (the Galan equivalent share price for each resource is shown in the "GLN SP Equiv." column).

I have also added the latest updates from the VUL DFS which saw them significantly increasing the size of their resources (both Total and M&I alone) with only a small reduction in grade.

A couple of points to highlight. 1) LPI is still a little more expensive than GLN, on an EV to LCE basis, despite the drop in share price over recent weeks. 2) AGY is still showing us that Argentinian Brine is the most highly valued lithium on the ASX (probably the planet), once you get to production even if it is at pilot scale.



I have included a more graphical view of the brine and hard rock resources below - I have excluded clay as I can't get a 3rd y axis for grade. Hard rock resources are coloured brown/orange with brine resources coloured blue, with Galan in green. The hard rock grade is shown on the left y axis with the brine grade shown on the right - bubbles positioned towards to the top of the chart reflect a higher grade. The size of the bubbles reflect the size of the resource when converted to LCE - obviously bigger is better. The x axis is also showing resource size in millions of tonnes of LCE, it uses a logarithmic scale so every vertical gridline you see reflects a doubling of resource size as the bubbles move to the right. The ticker (or name), EV and resource details are shown in the label.

As you can see there are heaps of little bubbles on this chart but not that many substantial high grade resources (i.e. big bubbles in the top right quadrant). I don't think I can present the situation any more clearly than this.



ALL IMO DYOR