KDR value = $1billion - $2 billion by PARAGON, page-6

Thanks Tran for that timely reminder. Following the recent SP increase, on a rudimentary evaluation KDR is now on a similar value per resource Li2O tonne to one of its WA peers - PLS.

As I said before KDR is way undervalued with next to nil debt or AJM is way overvalued based on that simplistic brief comparison below of the big three, 2^nd wave near term WA wannabee spodumene concentrate producers.

In particular, don’t forget that the “MH JV now places Kidman as one of only two integrated spodumene-refinery projects based in WA” and the plus 1M ounce gold resource within the Mt Holland project.

This upward SP re rate will continue pre and post the final execution of the SQM deal. Enjoy … Bye ...

Notes:

AJM 31/8/2017
Mcap $246M @ 16c fps (1541M fps, $13M cash, $140M debt facility)
Pilgangoora Ind/Inf resource 39.2Mt @ 1.02% Li2O (Prob reserve 30.1Mt @ 1.04% Li2O)
AJM value per resource Li2O tonne (~400,000t contained LiO) = ~$615t

PLS 31/8/2017
Mcap $520M @ 35.5c fps (1467M fps, ~$87M cash, $130M debt facility)
Pilgangoora Ind/Inf resource 156.3Mt @ 1.25% Li2O (Prob reserve 69.8Mt @ 1.26% Li2O)
PLS value per resource Li2O tonne (~1.95Mt contained LiO) = ~$267t

KDR 31/8/2017
Mcap $238M @ 71.5c fps (333M fps, $3M cash, $5M Capri debt, $106M funds for mine
development + $40M cash upon SQM deal being executed)
Mt Holland Li (KDR 50%) Ind/Inf resource 128Mt @ 1.44% Li2O plus Au (KDR 100%) Ind/Inf resource >1M ozs
KDR value per resource Li2O tonne (50% of ~1.84Mt contained LiO) = ~$263t