Agreed.M&A in the lithium space is difficult right now for two...

Agreed.

M&A in the lithium space is difficult right now for two reasons:

1. Zero certainty regarding long term lithium prices (which any buyer would need to have before they could reasonably launch a bid for any lithium mine / developer).
2. Previous boom in 2022/2023 makes most directors of lithium companies less likely to say yes to what would likely be an offer far lower than most companies all time high share price.

In relation to LRS, I am not sure of the foreign investment laws in Brazil (can a foreign entity easily buy a lithium mine/development project in Brazil, which is listed on the ASX)?

So my general view is that someone launching a serious bid on LRS is pretty unlikely. But if I had to choose which Brazilian lithium company would be most likely to have a bid, I'd say it would be LRS (because Sigma's asking price is too high - as evidenced by them walking away from their strategic review process, Atlas has no public information allowing a bid to be placed and possibly has a much smaller deposit, while Lithium Ionic looks unlikely to be economic at current prices (whereas LRS looks like it would be).