The top of page 41 of this research shows revenues of $22M & $29M for 2023 and 2024
No mention at all that only $2M of their revenue came from mining (see below)
They are not a mining company - they are a debt accretive company
And they are going headlong into the US market with Sandong Opex of $110/mtu - thats exactly what Wolf Minerals did when they suckered everyone into the Hemerdon mine in Cornwall, UK - and we know what happened to them
With Diamond Equity Research being a Company Sponsored Research (CSR) group, you can take it to the bank that this Opex number was given to them by Almonty rather than calculated by Diamonds own in-dept and extensive research - this point therefore goes to the credibility of the whole document - what can truly be believed ?
But it also begs the question - if Almonty (by inference, Sandong) is as good as Lewis says it is, then why go down this CSR path ? Why not get a credible research house to initiate ?
I think most of us actually know the true answer to that though !
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