WR1 General Discussion, page-32825

Just reflecting, the AZS takeover was at approx $1.7B
You wonder with approvals and regional risk, who is going to mine first, WR1 (CAN) or AZS (AUS)
Or if LTR had not been blocked by Gina, that takeover was a $6 billion dollar winfall forgone.
M&A Money spent in the hot cycle is not always well thought through. But assets are attained for the long haul.

As cycles do occur, and imbalance of supply can trigger volatility. You have to wonder for every hot blooded predator, there is a brood of cooler heads that perch for the discount season.

For us, the accumulation of riches, vs the cooler discount price shareholders would accept in this climate.
- come 100mt MRE probable
- 500m capital discount on build for plant in place.
- low risk approval runway,
- low finance burden to outstanding capex
- geopolitical safer for longevity
- 20% of PWM cash cow low capex, 100% off take rights

When you consider the hot blooded money that was spent, or wanted to be spent in M&A in AUS, but consider the risk of ever getting it to mine. What then, of a predator who would liken the better chance of longevity that we offer. And given the 560m benchmark that PLS put up for LRS. - demonstrates that cooler headed predators are there.

There is a lot to chance, in both cooler counter cyclical events, and in the hotter volatile cycle.
With mature assets in place, a bet waiting game can return multiples if the predator is hungry either in winter or summer.