5 Bagger Thread. Fundamentals and Opinions, page-191

The funding status is a massive difference. Also G1A is in Australia while AGY is in Argentina. Sovereign risk is real.

More fundamentally Lithium is a common element and there is a tidal wave of supply coming online over the next few years which will cause a shakeout in the industry that only the lowest cost producers will survive. Quality lead deposits, especially in good locations, are rare. Toho didn't come in and invest in G1A just because it liked the economics of G1A, but because it knows there is a looming supply shortage and it needs to get its hands on high quality ore out of a reliable jurisdiction.