Comparison of SFX's Night Train deposit 2% HM cutoff to Image...

Comparison of SFX's Night Train deposit 2% HM cutoff to Image resoures:

Night Train attributed NPV = $0    
Image NPV: >$300million

Night Train current resource = 50MT at 5.9%HM - with target 60-80% upgrade in the near future
Image 62MT at 5.7% (from 2 sites, Atlas and Boonarring)

Night Train slimes = 10.2%
Image slimes = 15.9%

Night Train Zircon  = 14%
Image Zircon  = 18.4%

Night Train Lucoxene  - 70-90% TiO2 ($750-800/t) = 49%
Image Lucoxene  = 2.7%

Night Train ilmenite - 40-70% TiO2 ($375/t) = 18%
Image ilmenite = 50.7%


The comparison is pretty striking.
At the moment Night Train is only an inferred resource, but it appears to have lower slimes and will likely be a larger resource than Image's Boonarring/Atlas deposits with very similar low cost high margin deposit.
Pretty keen for SFX to progress to indicated/proven resource at Night Train - With a plant already there, Night train provides an opportunity for early low-cost processing and can provide early positive cashflow with low OPEX for 5 years or so before firing up the Thunderbird mothership.

Just hope the market picks up on this as a potential inecntive for a JV or standalone sale to get the project up and running.