PLS:
PLS's MC is AU$14.69 billion ($4.90 x 2.977b SOI) and trading at 6.05 PE.
Its JORC compliant ore reserve is 159 Mt @ 1.2% Li ore for 1.9 Mt of Li.
That's AU$92.39 per tonne of JORC compliant ore in the ground.
AVZ:
AVZ's MC is AU$2.75 billion ($0.78 x 3.53b SOI)
Its current JORC compliant reserve is 401 MT @ 1.65% Li ore for 6.6 Mt of Li at Roche Dure only.
That's AU$6.86 per tonne of JORC compliant ore in the ground.
I'll leave you to decide or guess a figure that better reflects the true worth of AVZ's 75% of dathcom, taking into account that PLS is producing and AVZ is not (capex approx $0.5 billion), AVZ's ore is homogenous from surface, the ongoing DRC shitfuckery and scheduled arbitration cases, and the likelihood of Carriere de l’Est and others eventually doubling the the company's ore reserves.
While simplistic, it still indicates that two, three, four and five dollars per share are unrealistically low assessments of AVZ's value.
Cheers, and hope your team has a win.
F
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