I think there is a lot of upside for Leo Lithium, and it will...

I think there is a lot of upside for Leo Lithium, and it will follow the run up that AVZ has had post CATL funding.

Below is a comparison of the African Lithium miners, and a comparison with a peer Australian company (Liontown Resources), which has used a bloated spodumene price for its DFS..

I own FFX, AVZ and PSC, and am looking into investing in IronRidge. The African lithium producers are soo much better valued then their Australian Counterparts.

I have attributed $300m of FFX's current $650m market cap to Goulamina (Lithium), with $350m attributed to Morilla (Gold). Based on this, Leo Lithium is very much undervalued, and given its permitted, is fully funded and is looking to expand its operations, there will be significant upside. Just to get to AVZ valuations, it can easily be valued at $700m (base case of 436kt spodumene p.a.) to $1.2 billion (upside case if spodumene production is expanded to 763kt p.a.). This is just based on AVZ, which in of itself I think is undervalued.

If we compare it to Australian peers like Liontown or Pilbara, the upside is ridiculous. An expanded Goulamina will produce as much as these mines at a lower cost. if we were ever to be valued similarly to Pilbara Minerals, our 40% of Goulamina could be worth up to $3 billion, which is crazy upside.

Any comments would be great.

I have done something similar for the South American Lithium companies (Galan, Lithium Power, Lithium South, Bearing, Lake Resources and Agrosy), and there are some decently valued companies there as well.