AJM Chart, page-4476

Both will do very well. Comparison wise.

* AJM aims to produce 220kt of 6% plus concentrate while PLS aims to produce 330kt (both stage 1). So PLS revenue from concentrate sales should be 50% higher. So if AJM makes $100 mil in revenue from sales than PLS will have $150 mil. So a factor 1.5X

* Market cap wise, its $400 mil versus $1400 mil (factor of 3.5X)

* PLS has a reserve of over 20 years at stage 2 production. AJM has over 10 years. I believe 20 years is plenty and also believe AJM will probably expand its reserve eventually towards 15 years or so.

* I don't believe the tantalum credit will be that significant as I expect its price to collapse as more mines try to cash in on this credit and saturate the market. I think long term running costs will be similar especially with AJM having a dedicate circuit for Mica removal which I believe is missing from the PLS plant = high recoveries.

Anyhow, IMO, with a mere 1.5X more production but a market cap that is 3.5X higher, I believe that AJM is much better value right now investment wise.

Things will turn around soon enough.