its the same price they paid for LRSLRS at 560m takeover, + $US...

its the same price they paid for LRS
LRS at 560m takeover, + $US 253m capex phase 1 (+ $US 55m phase 2)

Thats why the Apple for Apple comparison.

A predator who values longevity, could get WR1 for
Takeover value + outstanding capex on Renard / Adina ? 250m - 300m ?

Its a question then, if we have 100mt do they pay more for WR1 than LRS ? or do they wash that off, in that it might be a longer time frame ?

Either way, its a ballpark reasoning, that is multiples higher than the current MC of near 100m.
The question about probability of appetite, of a mature package at a counter cycle low. Different predators for different prey, Hot or cold dinner ?
Reminding that the cycle highs, we saw billions of value in the traded price of LTR and CXO etc.
A predator who buys cycle low does so, to save that, in lou of both saving of the hot price, and also a need to diversify future supply.

We are a more mature asset combination Adina / Renard potentially pending option execution. You cant say that for many of the others that stepped into the lithium ring. And present a viable dinner plate for a predator.

Everything is a bet. Thats why we are called punters, and why we are here.