I think both Advantage Lithium and LPI are two of the most promising junior lithium companies who will make it to production. I like the fact that Advantage is in the neighbourhood of ORE offering them the option to build a pipeline to ORE enabling a lower capital expenditure. If they were listed on ASX I wouldn't mind owning some of it. I personally don't see much point guessing which company will get to production first, as this is heavily dependent on when they are able to secure the funding to go ahead and other factors - this is the greatest unknown for both companies. If they did, shareholders in both companies will be greatly rewarded, that's what we should care about. In terms of resource size LPI owns 50% of a 2.15mt resource, in comparison to advantage lithium's 75% of 0.47 mt, both companies has great exploration potentials yet to come. In terms of EV, LPI is at 80 Mil compared to advantage lithium about 145 Mil. LPI is expected to complete their DFS with WorleyParsons in 2nd quarter of 2018 (this is about 1 year behind LAC) Hence I do consider LPI is quite advanced and undervalued at its price. However, I am in no way saying LPI is a perfect companies, I do believe their challenges are to address the issue of high calcium content in their LCE, secure funding and offtake, fine tuning the design of their plant to reduce its high projected CAPEX in their PEA. On the flip side, great opportunities exist for LPI, e.g. vertically integrate into cathode business in Chile, push beyond 20,000 tpa LCE production, further drilling to define a greater resource size, JV with SQM/Codelco to derive synergy in the maricunga salar similar to the ORE and advantage lithium situation.
