From Rob on TOB.

Stifel"Lithium Americas (LAC.NaE) has announced the first production of lithium carbonate from their Cauchari-Olaroz lithium brine project located in Jujuy, Argentina," analyst Cole McGill wrote. "We view today's announcement as a positive de-risking milestone that could lead to a re-rating of the shares as the company progresses towards battery-grade production later this year. Together, with first production at Cauchari and the recent formal announcement of the intent to bifurcate Argentina/North America, we continue to see the market significantly underappreciating/valuing the quality and scarcity of the current LAC asset base (via our estimates, Cauchari 6x '24 EBITDA @ spot China carbonate pricing = $18.78/sh). With formal production guidance to follow this quarter, and the battery grade purification circuit commissioning expected later this year, we view the current valuation (P/NAV multiple of 0.55x, below its 52-week average of 0.62x and ahead of peers at 0.48x) as an opportune time to gain exposure to shares of LAC."