I don’t take shares on issue separately as it doesn’t give much meaning, but market cap.
I don’t ignore the fact of total issued shares increase by 27% since 2017 due to dilution.
We should acknowledge AVZ has approved 400Mt
[email protected]% (269Mt in M&I) on Roche Dure alone, the initial exploration target of 1-1.2Bt @1-1.5% was a bit understated, imo.
FMG has over 3b shares on issue, just look at shares on issue, it doesn’t give a full picture.
Valuation is usually based on NPV, peer comparison, then applying company specific facts to adjust the valuation, from both perspectives, AVZ is currently valued at huge discount.
DRC is not everyone taste, but given China interest and investments in DRC, electric vehicle revolution, limited large hard rock lithium deposits especially China lithium import reliance is already around 85%.
At 15c, fully diluted market cap is about $376m, valuation per ton for JORC lithium is about $90/ton, ~84% discount to KDR’s valuation.
All imo.
