Manga X seem to be going down a very similar path to us, I see they are looking to patent their flowsheet (as Justin has mentioned we are) too. I haven't had a really detailed read yet but on the surface yes I think these numbers are quite comparable to what I have used (in forming my view that Battery PFS will be around $3bn NPV). I have some concerns that they are economic at a 2.5% cutoff grade - how many Mn mines will be popping up if this is true? Will it just crash the price OR are we both in the position of having unique and highly amenable ore for MnSO4 production?
Mining CostMangaX CAD$6.50/t (6%) = $1.083/dmtu v E25 $2.34/dmtu (to produce 33%)
Upshot of that is processing should be a lot more expensive for MangaX because we are starting with 33% and they are starting with 6%.
Processing + G&A CostMangaX CAD$86/t v E25 $90/t on my hodgepodge assumptions
So it is very similar there, contrary to my previous point about the fact E25
should be cheaper here - but maybe it comes as throughput, i.e. cost per tonne processed doesn't vary greatly but we need to process 1/6th the amount to get the same amount of end product, i.e. we can produce 6x more on the same feed & therefore run at a lower $/t produced (but very similar on $/t processed). Take my assumptions with a grain of salt as there is very limited information available but the fact they are close gives me comfort.
RecoveryI had coincidentally used exactly 65% also, but I honestly expected that to be conservative - really impossible to know without the test work.
PricingI had at AUD$3,500/t for 99.95%, so these assumptions are a significant increase. MangaX make it very clear they are producing HPMSM at 99.95% but have based pricing assumptions on a 32% product (spot price), so US$1,500/t @ 32% equates to $4,685/t @ 99.95% ($6,246/t AUD).
If updating for this exact pricing NPV jumps up to $6b or $40 SP (note: I have also factored in marketing, royalties, sustaining capex, corporate costs and exploration outside of Mining and Processing+G&A)
If I'm not wrong - START THE CAR
(20min delay)