We have some more M&A activity today so I have updated my M&A...

We have some more M&A activity today so I have updated my M&A charts. There has been an offer on A11 from their largest shareholder, Assore International Holdings Limited, at 63c which is equivalent to $396m on a fully diluted EV basis for 40.5% of the Ewoyaa asset in Ghana. That is $977m AUD (let's just say a billion dollars) on a 100% basis for just over 1 million tonnes of LCE, which has been rejected by the board committee. We wait to see what happens next.

I'll re-iterate what I said last time: "Imagine how things will heat up in the M&A space once the lithium price actually starts moving back up again. It's looks like it might be leveling out here, but still a bit fragile at the same time. It should be an interesting couple of months ahead of us."

I think now is the right time to be initiating M&A so I'm assuming it will come thick and fast from here.

The M&A chart below includes Galan for reference and is on the basis of "Total Resources". For those people who would say, "you can't compare assets like this because of differences in jurisdiction", please note that the jurisdiction is included in the label and that the majority of M&A activity occurs in South America (specifically Argentina), with 2 in Africa and only 3 in Australia. But... but... hard rock... yeah it's mostly brine: 8 vs 5. So is this chart really relevant? I think so... one day it will be very relevant. If you want to take production output, rather than just resource size, into consideration then that's where the reserves chart is more useful - though half the M&A activity has occurred on companies without reserves so those M&A transactions are excluded from the reserves chart (i.e. there is a lot less to compare).


Here is the M&A chart for Measured & Indicated resources:


I hadn't previously bothered to do a Reserves version of the M&A chart, but it is getting more populated now (with the LPI & A11 additions) so I have finally gotten around to doing this:


ALL IMO DYOR