Back of the envelop market caps for the 3 companies now Arcadium...

Back of the envelop market caps for the 3 companies now Arcadium at their ultra lows (2020 covid crash). Note, this environment saw economies put into hibernation and mass hysteria.

		Shares (2020)	Low	USD$ Market Cap
1	GXY	540,000,000	$0.72	$252,720,000
2	ORE	277,000,000	$1.80	$324,090,000
3	LTHM	352,000,000	$3.95	$1,390,400,000
4	Combined low			$1,967,210,000
5
6	CAPX	2020	2021	2022	2023	Total
7	ORE	$184,000,000	$118,000,000	$334,000,000	$707,000,000	$1,343,000,000
8	LTHM	$124,000,000	$132,000,000	$337,000,000	$348,000,000	$941,000,000
9	Combined CAPEX					$2,284,000,000
10
11	Market Cap Low	$1,967,210,000
12	Add New Cash	$600,000,000
13	Add CAPEX	$2,284,000,000
14		$4,851,210,000
15
16		Per Share
17	Shares	1,070,000,000
18	USD$ (ALTM)	$4.53
19	AUD$ (LTM)	$6.80

Considerations
Although lithium "appears" to be on the nose, we are far from the Covid 2020 environment in my opinion, yet we seem to be priced at around the basement levels.

CAPEX spend of $2.3b replacement cost would be much higher in this inflationary environment.

Spot prices in 2020:
Spod 6% approx US$350 pt
Carb chemical USD$7 per kg

Current spot:
Spod 6% approx US$800 pt
Carb chemical USD$14 per kg

*** Battery grade Chem is 100% higher than what it was when the combined entities market cap would have implied a share price of $6.80.

I look forward to seeing the premium Livent's sales attract with long term established customers when we report on 22nd Feb.

I also look froward to updates on any meaningful developments regarding the test runs of DLE and the potential impact on Oz stage 1 and 2 OPEX.

Lastly, I look forward to seeing how much market share Arcadium has gained by releasing stockpiles of carbonate into the market. We could see close to 10,000 pt of chemicals sold for the quarter from Oz. even at USD$20 pt and USD$6 OPEX that is USD$140m of operating margin for one asset in one quarter.

Not advice and happy Australia Day (if you can say that anymore...)