My 2 cents worth...for what it's worth...
WA1 - MC of $1.1B.
They have discovered a monster.
It's in the middle of nowhere basically. Zero existing infrastructure equals high cost.
Yet if anything they should have an SP multiples of the current SP based on in-ground value.
They shouldn't be around for too much longer.
Take over price at best $25-$30 you would think.
Still a decent & pretty safe play for the risk adverse.
ENR already has a MC of $285M.
Have nearology to WA1. So built in a lot of 'value' already based on this.
Maiden drilling just done has hit some very decent mineralisation.
Yet, still a fair way to go to prove up an economic deposit you would think.
Shouldn't be worth 1/4 of WA1 pound for pound right now.
But... if they keep going and deliver - at best $500M to $600M MC possible as a guide - but looks top-heavy and a little risky.
SUM - MC of $25M.
Have acquired from a local Guru (who is a very smart geo, knows the ground like it's his own backyard, is now a major shareholder & leads the field exploration campaign) a very nice package of land across Brazil, two of which appear to have consistently abundant high grade Nb & Ta mineralisation across a sea of surface outcrops (only 30 priority targets identified & counting
)....3km strike zone & growing, and chuck in 6 artisanal mines still all appearing full of mineralisation.
Drilling yet to commence but appears mineralisation may well continue from surface and be open at depth.
Ground has never been explored at any real depth yet Brazil is the holy grail for Nb & Ta - particularly our region. We also have a ridiculously attractive cost base, key infrastructure in place & a supportive in country community / government.
If intial drilling hits consistent high grade mineralisation anywhere from $100M to $300M MC within reason (or $1.50 to $4.50 SP) based on normal criteria.
Based on peers a SP circa 75c to $1 not unreasonable pre-drilling.
Funny how a lot of impatient muppets on here expect drilling tomorrow....yet haven't been smart enough to realise the Company is still trying to work out where the hell to place the drill holes given they keep finding outcrops & old surface mines everywhere haha....not a bad problem to have I would have thought. But yeah these days most have an investment timeframe about the time it takes to take a toilet break haha so hardly a surprise.
So it comes down as I said to one's appetite to roll the dice....sometimes he who dares a little...indeed wins big.
But right now I'm happy to be 'all-in' on SUM.
To me pound for pound it 100% offers one of the most compelling Risk / Reward opportunites on the ASX, particularly with the low SOI, engaging management, current cash at bank, and pretty strong expected near-term newsflow.
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