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Ann: Extension of Voluntary Suspension, page-19

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rendog9

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19/04/23

13:26

Post #: 67354852
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Originally posted by touquoy: ↑

Some interesting comments from Shaw & Partners comparing Galena and Boab Metals.

·Investors are likely to compare Boab’s Sorby Hills project with Galena’s Abra project which appears to have run into difficulties. Galena is in a trading halt pending an operational update and capital raise. In our view the two projects are very different with the only similarity that both are lead/silver. We view Sorby Hills as lower risk for a number of reasons:
oSorby Hills is open-cut compared to Abra underground – so less risk on the resource. Abra still has no measured resource – all indicated and inferred.
oGalena has fully drawn a high cost debt facility from Taurus of A$195m. Boab is likely to be able to access relatively cheap NAIF funding.
oBoab will generate higher earnings once in production. Boab’s share of EBITDA is about A$90m in early years, Galena will be A$60m EBITDA at steady state. Despite that, Boab’s market cap is only A$44m compared to Galena at $142m.
oSorby Hills is lower cost – C1 costs of US$0.40/lb compared to Abra at US$0.50/lb. Media speculation suggests that Abra’s costs have increased by 12%. Some of this is explained by logistics – Sorby Hills is closer to port and has a relatively cheap and clean hydro power source.

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Everybody waking up to the con job.. will take 12-18 months for the newly minted 15c club to churn through $18 million at 25-50 per cent profits..

G1A Price at posting: 23.0¢ Sentiment: None Disclosure: Held
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