AJM will NOT be producing LCE. The will produce spodumene concentrate (5.5 to 6%). Their processing plant should be capable to handle 2mtpa to produce about 350ktpa spodument concentrate. This will be shipped to China where it will be converted into LCE (about 35ktpa).
A fair value for AJM according to my spreadsheet and based on the above number is about 400m$ (using very conservative numbers for spodumene). For ORE my spreadsheet comes up with 600m$ valuation based on the 17.5ktpa phase 1 nameplate production (which they have not yet reached).
So compared to my calculations AJM is undervalued and ORE overvalued. But the stock market should trade the future so I think ORE is more or less properly valued, but would have been much higher had they not "stumbled along" so much. AJM is clearly undervalued. Since about a year the SP has not moved although AJM has made enormous progress. All this progress is NOT reflected in the SP currently nor is the fact that they will be producing early next year.... No clue why, but I hate it as AJM is one of my larger investments and it has just be hanging around since about a year....
Regarding AGY, I think the market is a bit skeptical of Lithium brine projects based on the ORE experience but also based on the failure of the big-3 to increase their brine based Lithium production. This clearly shows that Lithium from brine is not "a stroll in the park" and seems to be a really hard thing to do. So I am sure the market is putting a "discount" on brine based Lithium stocks, and as investor I think that is wise to do. Note that compare to the big-3 ORE has done pretty well in their development!
