Why is AUZ undervalued?, page-2

The important stat is the market cap differential - CLQ is 17x AUZ (so share price little relevance in this context).

	Column 1	Column 2
1	CLQ	$647,562,444
2	AUZ	$37,967,352
3	Circa relative valuation	17.1x

I don't hold CLQ, only AUZ.

Well I am sure there are many others factors for the differential - but here are some obvious ones:

Strategic Partners (always key) and Funding (Cash is King) and Development Stage

CLQ has strategic partnership with Penguin Mining with a A$81m placement and A$15m placement to Australian Super. CLQ currently had $89m in cash 30 Jun vs AUZ at $4.6m

CLQ is using money this quarter for early development activities and AUZ still primarily exploration/pilot plant, but Sconi could be in development (as fully permitted) from next Jun 18 (s.t. finance), noting strategic decision with two main assets.



DFS/DFS

CLQ $891mUSD to $1.23B USD (incl Sc) in PFS with DFS by Q4 17
AUZ Sconi A$273M (pre-tax) for only phase 1 - Sc only in Mar 13 PFS, with DFS due Q1 18 including phase 2 to include Co/Ni (and FID) - should usher in a big rerate but noting capex/funding requirements (and shares on issue).

Product and MOU/BOAs

CLQ pilot plant has provided products to off take MOUs and has first BOA (20% of off-take), AUZ won't have test product to potential customers until Nov 17/BOAs Dec17

ASX300

CLQ in ASX300

I also think AUZ is undervalued and due a rerate, and has some great news flow that may (like IMO) make that happen.

AIMO/DYOR etc