THE COUNT DOWN: Liontown crushes first ore at Kathleen Valley!, page-17

I don't know much about Sigma, but comparing LTR to AZS both being in WA:

The takeover on a 100% basis for AZS was ~$2.8B
There's still ~$1B CAPEX for AZS, so we could call that $3.8B (had a peak at your other comment )

That's also without knowing any info like the AISC etc
Plus, I think they need 3-4 years before production

In comparison, LTR should be producing in a few months. Fully funded (if they finalise / meet the conditions of the recently announced debt package).

Some analysts have made forecasts of what they think would be LTR's cost to produce in the long run (seems to be close to PLS cost base over the long term, obviously will be quite higher in the beginning, but potentially, the market could be forward looking).

LTR is currently valued around $3B. In saying that, I can see potential upside from here. Especially if we do see a takeover offer come through, or if lithium prices continue to trend up.