Didn't say everything baked in, just that savvy investors (inside traders especially) have the best risk-reward front-running good news then taking profits. Not so many like to hang around long term as flotsam and jetsam in the sea of market uncertainties. Fun fact if you want to compare the size of our gains on the block for comparison, since market covid bottom Mar 20, 2020, STA has gained ~560% and SFX has gained about 515%... about evens taking account of daily price variation.
SFX has a nag I've ridden since early 2019 that was ill considered at the time and truly testing of my patience. Long, long story but a fundamentally good project eventually rose above the ineptitude of management to get developed. SFX should have been 1-2 years ahead of STA but instead are a year behind. TB has more risks than Coburn, I'm not suggesting to buy SFX, but one of the biggest risks to developers is paying back debt before the price cycle turns and potentially wipes you out (eg Altura vs Pilbara Lithium). STA represents a much lower risk (and is perhaps priced accordingly) because they look to have some time to make good money before product prices potentially fall into distressing levels. SFX having screwed the pooch for so long is now 15 months behind and faces more uncertain future markets.
Both companies have a lot in common and it's hard to see how one can fly and the other fail so long as both are developed to nameplate, on time and budget, and sell into a decent market? Both are ~60% zircon revenue, rest TiO2 revenue, WA based, same trucking distance, energy source, strip ratio, throughput etc... Also a lot of differences I won't go into.
STA Price at posting:
52.0¢ Sentiment: None Disclosure: Not Held
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