The puzzling thing for me is, this company keeps on delivering the stated outcomes (within reason). They are ramping up production and on track for 180 to 200t for the month at $18k/t. They did 3 containers last week.
They have acquired a 2nd deposit (wolfram Camp) on very attractive deal from Qld Govt.
They have acquired a producing Spanish mine (producing 130-150t per month) with increases coming from better management and ore sorter technology.
They are the biggest non- Chinese producer in the world.
The market cap is around $100m
G6M has filled one to two containers since June, has a capex of $150m and counting with another $20k plus to come which will further reduce its IRR from 28% to ? Can't utilise ore sorter technology (so our lower grade deposit, ends up being higher grade when it gets to the processing plant) Its management has only proven they can raise capital and are yet to deliver meaningful tungsten. BUT G6M has a market cap of $110m.
And some think markets are efficient!!
The puzzling thing for me is, this company keeps on delivering...
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