Really just means that we have quite a small proven resource...

Really just means that we have quite a small proven resource compared to many recent deals, the differences include the one you allude to in that our SC6 seems in demand from customers who have seen it, so obviously clicks well with chemistry for downstream processing, also we are producing so can't really compare to an in ground resource valuation. If you wanted to buy AJM out given the mechanism is already there to get product to port it has to be valued higher than an ore body, indeed it would make economic sense for a TO to buy the company at much higher since you'd be able to operate the mine at breakeven for no further investment and undercut any market price available for spodumene. Also quite likely that more spodumene is within tenements owned.

Really can't quite fathom this tweet, do they realise there's a mine and processing plant there already? You can't compare say KDR and AJM.