Very good point
It would be a no brainer, LTR has a $6.5b MC vs Leo’s $500m for 36-40.5% of a better fully funded project.
Even comparing Africa to Africa, A11 has a MC of $320m, will probably go up to say $350m with the imminent issue of the ML.
Their Resource is 35mt at 1.25% lithia compared to our 211t @ 1.37%, ours is half built, their start of construction a year away, they also only own 50% and less after their Govt takes it’s 10% etc.
Take out our cash and our EV is less than theirs and I consider them to be under valued.
Liontown has already dropped from $3 to $2.79 because the market thinks Hancock will block the ALB bid, shorts are up to 9.93% probably higher given the lag. Takeout Hancock’s 20%, Board & managements 30% that means 1 in 5 free floating shares is short sold. Massive, those in the know have short sold every share they can get their hands on. What does that tell you?
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