Yep compare SPD to market darling GAL. Major risk is SA labour costs and political stability.
SPD 18Moz inferred resource in a pretty well known and predictable area geologically the Bushveld + resource target 30-50Moz @ ~3-6 g/t PGE.
From surface
5 operating mines within 40km on same orebody - known costs for mining and processing this style of mineralisation
Processing concentrate selling to smelt in SA
Cash on hand ~ $16M
Mkt Cap FD $113M
GAL No resource, geology poorly known (potentially big, potentially an also ran) Not enough info to confidently outline a resource target grade ~ 1-2.5g/t PGE at present.
Possibly from surface - so far from ~ 100m
Processing ?
Cash on hand ~ $25M
Mkt Cap FD $208M
Not bagging GAL but given the unknowns for GAL rationally SPD with the size of resource + very good chance of it converting a lot of it and their exploration target into a reserve SPD represents compelling value.
SPD Price at posting:
$1.15 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)