General Discussion Banter GLN, page-13407

Given the M&A activity today I have updated my chart with the latest SQM offer for AZS which increased from $923m to $1.5b on a fully diluted EV basis. I have also updated the cash position of LPI to include the $29m they received from the sale of their Greenbushes tenements to Albemarle (I will further update the cash position once the quarterly is released - given that this information would have been known to Codelco at the time of their offer).

It's interesting that lithium is so hot that M&A activity has moved to assets without any defined resources (AZS only has an exploration target - much less confidence than even inferred resources). Yet the Lithium market as a whole (outside of explorers) is quite bearish. The LAC/Arena deal looks like it will continue to hold the record for the highest value lithium deal unless SQM is somehow forced to increase their AZS offer (or if it turns out that they have much less than 170Mt). Given that the LTR offer is now off the table.

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.


ALL IMO DYOR