There is a lot of FACT which is missing from these threads'
1. WA1's NB deposit at Luni is an absolute monster - the recent ann which added new drill results showed --
Size of the High Grade section of the weathered carbonatite intrusion is 2000m x 1000m x 50m thick (from surface, or with a little cover and flat)
Average grade of that High grade is (say) 4% - my estimate by inspection of the results given.
Calculate that through with a Nb2O5 price of $50 / km --- and you get Value of mined and processed Nb = $700 billion.
OK !! Now take the price of Nb at whatever you like (because more will come on the market, but also demand is likely to explode) and a value in ground of (say) 5% and compare with current cap of $1 billion. WA1 has not finished yet - in fact most of their tenements near Luni are not even granted.
2. SUM's potential ore is from pegmatites (the other source of Nb, but small fry so far cf carbonatite intrusions) but also contains the much more valuable material Ta2O5. There is the risk that the volume of ore from the pegmatites which runs in the (say) 30% Nb+Ta region will not be sufficient to match WA1's carbonatite @ 4% Nb.
BUT, Li rich pegs do contain huge quantities of Li (Greenbushes for example, worlds largest reserve of Li) - so IMO there is absolutely no reason that SUM's pegs could not be well loaded. AND pegmatites come in stacked swarms, what you see at surface is the tip of the iceberg when you have found an economic patch. (Tabba Tabba and AZS's deposits for example)
3. When evaluating SUM's potential take account of the people who have assessed the many projects - our MD Gower He and his other board members seem to be well placed by qualifications and experience to make the judgement https://summitminerals.com.au/about/#board-management
And the vendor of the projects too.
4. Although the first steps at Equador Project are producing amazing results, SUM's new Brazilian projects are very extensive, so there will be more to add.
And (here is a throw from left field) the Nb Pegs must come from an intrusion somewhere - what it that intrusion is a carbonatite, or similar !!!
So from above be very careful comparing SUM with WA1 - at present they are very different animals. As different as M.Caps. of $19m and $1000m
GL all, this is still high risk, but also high reward - dont miss out is my deal with myself - DYOR.
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