Neo PFS was done two years ago, they used similar level of lithium carbonate (battery grade) price in their PFS, but their contingent capex is only USD$47m where GLN's is USD$101m. The contingent capex should reduce substantially in the upcoming DFS (usually 7% - 15%), not 30% used in the PEA.
A brine deposit is slightly different than other projects. JORC resource is probably not that important for production measure, the Reserve is the key, in my view.
Neo has reserve of 1.3 million tons LCE (Zijin bidding for AUD$1B on 10 October 2021);
GXY's SDV has reserve of 1.1 million tons LCE (SDV is estimated to be valued at >$1B,imo).
GLN's HMW, is likely to have reserve of around 1 million tons LCE, imo.
All imo.
Neo Lithium buyout - comparison with GLN valuation, page-2
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