Ann: Renard Project Update, page-106

A quick look over LRS PEA, noted 253m capex phase 1, plus another 55m capex phase 2.
A similar size resource for now, 78mt x 1.24%

LRS also down 10% today, 364m MC. (2.8b FP) and 39m cash.
(and 114m 22c options)

Compare
WR1 215m fp X 51c = 110m mc, and 45m cash

Both have low capex path identified ahead.
I will note the lower wages benefits Brazil from a opex view, but their is also the jurisdictional risk of BRICs nationalist alliance to China. As in, in a Taiwan conflict, eg. if China stops export with AUS in lou of its accessibility to Brazil. What does a nationalist Brazil do with foreign companies that have projects ? Which side do they pick ? does China lean on them to nationalize those assets ?

Both would have low approvals risk, with WR1 come Renard.
So then move both ahead with Finance risk.

Which asset would a lender be most comfortable with ?

I havent followed LRS close enough to call out any other geological matters.
Just a head line comparison.