A quick note. I can’t see evidence of the same delays as we see...

A quick note.

I can’t see evidence of the same delays as we see in LiOH refinery in spodumene production.

Sigma and SYA have by-and-large informed market of reasonably successful ramp ups, on time.

[ A significant amount Australian refining capacity might come at once which could make refining more economical? I digress.]

A bit of a look at Sigma, so we can compare their similar value with LTR with the expert valuation in mind for the SoA non-binding proposal with ALB.

Sigma

https://www.finnewsnetwork.com.au/archives/finance_news_network436587.html

https://www.mining.com/sigma-lithium-completes-second-shipment-on-track-to-produce-130000-tonnes-by-year-end/

https://www.fastmarkets.com/insights/brazils-sigma-lithium-looking-at-m-a-proposals-after-first-shipments

Project background:
https://www.mining-technology.com/projects/xuxa-lithium-project-minas-gerais/


Key learnings (correct me if I am wrong):

1. Size of Sigma is half LTR production capacity approx at 270k tpa, detailed engineering underway for expansion to 766k tpa

2. Sigma resource is 54 Mt 1.4%(ish) LiO2 - just over a third of LTRs current measured deposit.

3. MC of sigma is $6.4 billion AUD at today’s share price of $51.02 CAD. Not too much volatility in share price during smooth to date ramp up to produce 5.5%, $3,500 product and a $350 byproduct. Unlike behaviour of SYA share price during ramp up (management, shareholders?). Share price rising recently.

4. Suitors include Tesla according with media reports. Publicly stated strategy to explore merger and acquisition options.