LRS General Discussion, page-10646

@Monty2804
I agree comparing lrs with sigma does not mean a clear valuation of either company. However, like pilbara and liontown, the gap between the two has been getting smaller and smaller when the little one gets bigger and bigger (well, liontown was not little, but relatively speaking). So the gap between sigma and Latin should become smaller as Lrs aggressively expands its resource and push the project towards DFS, FID, construction and ultimately production. Liontown is about 60% of pilbara in terms of resource size and its production is about 2.5-3 years later than pilbara. Liontown's market cap was about 1/4 of pilbara before the takeover news (even before FID) and now is just a half of pilbara. Mapping to sigma and latin, latin is likely to report 40MT in a month, nearly a half of sigma's resource (so 40MT already means a lot, and we even target 60MT or 80MT in the near future). Latin is also about 2.5-3 yrs later than Sigma (with delayed DFS considered). But compared to liontown, latin has got a big advantage: latin and sigma are in the same state such that government policies and politial risk are identical, derisking the permitting process for latin given Sigma's success. Furthermore, because of Sigma's success, the government provides faster processing for environmental permit to latin (by the MoU), suggesting a strong will that the government want the colina project to succeed. So if latin can keep the progress to FID till late next year, I am not surprised to see a 3 billion market cap by then (assuming Sigma will still be 6 billion after a year, which is unlikely once it's ramped up to full production of 700ktpa).