Hi SOS,
A couple of aspects.
Firstly in the Lionergy agreement was a statement about Altura coming up with the finance to build the mine+plant with-in 6 months of signing. To me that rang a bell that they were NOT going to contribute a large amount for the mine, maybe some but not all. The SP was at the 27.5-28c at the time, and has since fallen, so I think others have read it the same way I have.
Secondly with PLS they have grabbed $100m and vastly increased the size of the resource with the latest drilling of which there are plenty of results to come.
The combination of those factors told me that PLS is better for now, and that is precisely what has happened since.
I fully expect Altura to come in with some more great drilling results, they already know where to drill, but until they have come up with $40m from some source, above the current cash to be a good deposit on the build (or find a 30% JV partner for the build cost), then I think the SP will be held back, relatively speaking.
Once Altura get the cash, there will be no stopping them, but for now, cash is tight and they have to raise ~$40m at least. If it comes from Lionergy, great, but I don't think Lionergy are going to fund 100% which is what I was thinking before that statement in the BOA agreement.
Right now I consider PLS to be worth at least 4X AJM because of cash, costs and resource. This ratio can and will change over time.
All the best
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