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50.5¢ leo lithium limited

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zzya1979

546 Posts.

89

03/02/24

20:07

Post #: 72223087
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Originally posted by dawgfather: ↑

Here is an African versus Brazil comparison.

A11 seems to be trading just over $600m market cap (once you account for 40% ownership) in Africa with LRS @ just over $400m now. LRS has a lower AISC based on studies, double the JORC but it doesn’t have its funding done yet (which A11 is further along the road on). A11 suggesting producing 9-12 months ahead of LRS, so not much difference between the two. Both are running offtake processes lead by Macquarie bank right now.

Not knocking A11 as it seems to be a well run company.

Just Slightly confused how an African play is trading so far ahead given that a comparison of most fundamentals is won by LRS (with the exception of the funding piece).

* maybe the funding piece is more valuable than I’m suggesting, in which case maybe the premium for A11 is justified?

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A11 has a much smaller resource but higher FOB cost (US$670/t SC5.75?) than Goulamina. Ar current SC CIF price, SP is slightly overvalued comapred to Leo but under valued compared LTR based on my estimation. 2024 will be a tough year with a lot uncertainties, different demand/supply predictions (LC in China may drop to CNY80 k or lower), US election/possible energy policy change. Hope Goulamina is a low-cost mine and 2025 is better....

LLL Price at posting: 50.5¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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