General Discussion Topics, page-5993

If we assume again , that the best comparative HUB type scenario involving TWO lithium players at not even advanced stages in their development and who have OTHER complementing mineral resources ....ie Nickel versus Gold versus Graphite etc....

If we look at similar geographies , markets , and Government Policies ie Canada versus Ontario versus Quebec . And then we take into account which overall similar market they would be supplying into . As I have outlined in previous posts and analysis , you can't really go past the Rock Tech Lithium / Avalon Advanced Material Thunder Bay HUB proposition .

And in this comparison , one also has to keep in mind that Sayona's JORC Authier project combined with an already ' near ' fast tracked production facility in NAL would have to come at some sort of premium to that of the Rock Tech / Avalon HUB proposal.

Even if you consider the relative infancy of Tansim. On top of that you also have the Rock Tech proposal having significantly more indigenous peoples terms and agreements to fulfill than that which has already been completed with respect to a combined NAL / Authier. Authier is also in the mix of near completion of its Environmental BAPE and NAL has already been approved environmentally whereas Rock Tech and Avalon have yet to even commence their respective Environmental hurdles and approvals.

So as I have indicated previously , this combination of Rock Tech / Avalon is currently attracting a combined market valuation C $277 million ( A $296 million ) , so you would have to think that this sort of value would be close to a fair value starting point with everything else factored in as a premium for fast tracked milestones completed on Sayona's portfolio verses that of Rock Tech / Avalon's HUB.

How much premium is then the question . 25 - 30% could sound fair don't you think. I mean how much do or will others have to pay in just getting their own projects up and running this point. Well we know by looking at other's like Sigma Lithium and other equivalent projects that it is at least in the neighborhood of $300 - $400 million in capital. So this more or less confirms this sort of values.

So anything from A$296 million to upwards of A$ 400 million would in my opinion be an appropriate reflection of the sheer ' Power and Benefit ' of the combined NAL / Authier / Tansim HUB project. And so that's equivalent to an SP price of anywhere from A 6.6 cents to 8.95 cents if you go strictly by that comparison and apply an optimistic 30% premium for this project as compared to Rock Tech / Avalon's .