Why does that surprise you? I posted about this just yesterday (see below) - it really comes down to which Li explorer is really a genuine near term producer because the margins are so good in the SC6 business. We can just ignore all the rock chip Li hopefuls in WA lol - it will be a decade before those produce if ever.
WR1 needs to move away from exploring once it has established its maiden JORC resource by around April 2023 and they need to start planning about getting into production within the 2-3 years window of opportunity.
We know even a tiny deposit like CXO can command a $2.7bil market cap, but think in terms of how close WR1 is from first possible production given WR1's world class advance exploration deposit, great metallurgy due to highly coarse grain nature of the spod crystals which is highly amendable for low capex DMS production (no tailings dam required) so faster time for DFS process and shorter mine build time, easy & cheap access to power, water and infrastructure.
I think we all know by now we do have a small to mid-sized deposit (Cancet+Adina+Jamar) with decent and production capable grades. So I think our comparisons to the industry peers who are moving to production in the next 2 to 3 years which are the near term producers, WR1 would be right amongst the companies below. Company value is really driven when there is a line of sight to production and to take advantage of the high SC6 prices.
IMHO - WR1 is likely to see production sometime in 2H 2025 which is around the ~30+ months range , and could be one of only very few ESG qualified SC6 producer by 2025
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