"The project hosts resources of 22Mt at 1.3% Li2O, which makes it comparable in scale to Altura's (AJM:ASX | Not rated) PFS-stage Pilgangoora project in WA. We believe that the market is ascribing little value to James Bay for either GXY or GMM, despite its resource base and relatively advanced stage (pre-DFS, infill drilling planned for 2H'16). Were James Bay held in a standalone company, we believe it could command a market value of ~A$100m based on current resource multiple valuations."
GXY Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
