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No one really knows what the bidders will pay for AZS - everyone is just guessing but they won’t be getting my shares under $5 unless I am forced to sell into the bid.

During 2023 there have been really wild swings in valuations for lithium explorers, developers and producers. Clearly there has been a lot of hype about many lithium explorers and most have been in a huge bubble with the company board and management pumping up the potential lithium project.

Pining down a valuation for AZS in this environment is difficult. But it is clear that the Andover project is the real deal and the potential is not being hyped up by the company (but others may disagree with this statement) as the drill results demonstrate this is a huge lithium deposit.

Those stock price swings for explorers have seen some extreme examples, like up 10 times or more only for subsequent retrace to below the initial pre boom price in a matter of months.

One comparison of value is WC8 - its fully diluted MC is $1,020m compared to AZS 100% of Andover or $1,880m (ie including Creasy’s 40%). Now WC8 is low grade below 0.9% and the project area is tiny relative to Andover at about 4sq Km (give or take 1sq km). It’s area is not even as big as TA1 or 2 or 3 and may be only half the area of each of these 3 AZS targets. Either AZS is wildly undervalued or WC8 is wildly undervalued or it’s some where in the middle eg AZS is undervalued or WC8 is overvalued (I note a broker has a target of about 90c on WC8 compared to the latest 74.5c price) - take your pick?

If WC8 was fairly valued at about $1b then AZS should be valued at multiple times what it’s current share price is. However, the value of $1b for WC8 looks over valued compared to LTR’s current SP.