Is it just me or anyone else notice the reluctance to tackle the elephant in the room…Weathered oxide and why it has so far been a factor of failure…From a practical point there has been no bulk tonnage test of weathered material at depth, This is a major Red Flag and why Banks due diligence will over simplify the risk and say no thanks…The market will need to see how SYR overcomes the problematic facts that weathering complicates the beneficiary process…Name plate 300,000 tons current ROM under 20,000 tons
Some key points of weathering is in fact weathering…SYR has struggled to produce from weathered oxide that started at surface…Slightly weathered,mild weathering or extreme weathering have increased the variance of head grade ore being fed to plant…Over grinding and under grinding to many fines being produced with not enough attrition cells…More attrition cells added and still project runs under nameplate capacity due weathered material inconsistencies…
Lindi will be running fresh oxide where the ore has greater consistency higher density and better performance at end use.Under Jorc Code at depth a weighted split of 60-40 would easily be achieved…Testing has already proven a higher recovery rate of the blend…Larger retention of flake size
Lindi is underpinned by expandable markets where SYR is underpinned by battery.Premium product is a by product where at Lindi the opposite is provided…Lindi now has Undisputed first mover advantage over unfunded projects into known markets…They can grow quicker than a new project can be bought on line…
Regards Croc (The Bull will ride in 2022) DFS backs a $1.41 per share at 40,000 tons P/e @10
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