You do make a lot of good points. It is correct that LTM is discounted because people don’t think the company can execute their expansions. This doesn’t mean that they or you are correct in this assessment, and you should consider the possibility that you are wrong. Only time will tell here.
Yes, WA is a fantastic mining jurisdiction. I was pointing out that the problem with WA lithium is assets are too expensive to buy. I’m not sure if you realise but LTM has more LCE in their brine resources than what PLS, MIN, IGO, AZS, and LTR has in their combined hard rock deposits…and the chemistry of these brines mean they sit at the bottom of the cost curve… Just let that sink in. We need to unlock that potential, and that will cost more than all of the current money in the bank.
It is a waste of managements time to be buying small deposits in WA, because that comes at the expense of the bigger operations with cheaper OPEX that we already have. So then you need to consider how likely is it for them to realistically discover a 100 Mt+ deposit if they have a modest exploration spend? Not very.
They need to be making Hombre Meurto and Olaroz/Cauchari 100,000 tonne+ operations and need to be getting James Bay into operation before they should consider spending over $1 billion dollars to buy a decent sized WA hard rock asset. If you’re going to spend that money, then they also need to look at whether companies like WR1 and PMET are better value to attempt to takeover than large WA assets.
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