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Ann: Battery anode PFS and Montepuez Graphite Project DFS, page-8

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148

15/02/17

20:50

Post #: 22647458
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Originally posted by Kruiser ↑

Looks like pretty conservative pricing on the mine side of things has led to more value being attributed to the downstream. They could easily have had a higher price at the mine gate and the value of the spherical facility would be lower and the mine higher (so you need to view it as one operation).

Opex looks a fair bit higher than the scoping study which is a bit of a surprise. But then again a lot of people in the market are questioning SYR’s cost assumptions and basket price so to me BAT have taken a conservative approach. SYR assumed roughly the same capex for a 380,000t mine as BAT for 100,000tpa mine so seems a bit strange. SYR also used a basket price of US$1000/t, MNS used US$2,350/t whereas BAT have used US$798/t (even the large flake sizes are priced significantly more conservatively by BAT). BAT appears to have taken a conservative approach on the mine itself and they need to communicate this clearly to the market

Clearly offtake is the key to a rerate of the share price and offtake will need to be for spherical coated graphite not natural flake graphite given the downstream focus

Still massively undervalued, conservative approach with an NPV of US$524m (undiluted share price of roughly $1.70)

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Still looking through the numbers, but Reno, Nevada huh. Anyone disappointed with that?

BAT Price at posting: 9.4¢ Sentiment: Buy Disclosure: Held
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Ann: Battery anode PFS and Montepuez Graphite Project DFS, page-8

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Ann: Battery anode PFS and Montepuez Graphite Project DFS, page-8

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