A11 has been the closest comparison lithium stock for LRS for a...

A11 has been the closest comparison lithium stock for LRS for a while now (given their development progress, forecast production start date, size and grade of deposit, location of jurisdiction (i.e. not in Aus/Canada etc). In their most recent quarterly they have abandoned their plans to commence production with smaller output via modular units in 2025, and now plan to commence production via the main DMS plant in 2026 (basically the same as us).

A11 trades at a market cap of $217m (for 40% ownership). Once you calculate on a 100% ownership basis they are trading at the equivalent of $543m versus LRS at $350m.

The premium for A11 was previously able to be explained by them planning production in 2025 (and they are partially capex funded and have already released a DFS). However, with their production schedule now looking the same as ours (2026), the premium can only be explained by their partial Capex funding and having already released a DFS (as LRS has a larger deposit, slightly higher grade and our study shows an lower all in cost of production).

So either A11 is over-valued or we are under-valued or neither is true and the market is simply waiting on our DFS to be released and offtake to be announced.

Obviously not advice (especially given the current macro environment which could easily see irrational valuations for some unknown period).

Also - I think there was some commentary about whether we track Sigma (SGML) - and I maintain that we do: