Next shipment, page-176

Just going over some numbers before topping up today.

We have just seen Friday an announcement that MIN and Genfeng have purchased the 13.8% of Mt Marion owned by NMT for $104Mill. eg Genfang has just spent $52Million for 6.9% of a recourse approx double the size of AJM and NMT keeps the offtake, what's the advantage for Genfang. 1) they get that 6.9% of the offtake now as NMT don't have their HydroxIde plant started yet and 2) if they expand Mt Marion they now own 50%'of it.

With Genfang now our 3rd offtake partner it's clear they are paying big money to get supply and ownership of Li Mines today.

Quick numbers converting that Genfang purchase say 50% of AJM equates to a $52Mill / 6.9% / 2 size / 50% share = $188Million for 50%.

AJM has a lot of exploration upside so I would value 50% of AJM a lot higher myself.

I would prefer AJM to hold 100%, but just looking at the numbers of what the big players in this industry value the assets at today.


All IMO DYOR