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3.4¢ sayona mining limited

Ann: Moblan Lithium Project Definitive Feasibility Study, page-139

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DonFlorida

1 Posts.

20/02/24

13:13

Post #: 72498974
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Originally posted by mondyinvest: ↑

Lots of mining juniors are doing it but using an 8% discount rate is simply not realistic here. The capex here is US$722M or A$1.1B. Pretending they could finance this at rates around 8% is mad, the cost of debt is much higher than that (plenty of examples of deals being done at >10%). In Sayona's case it's even more fanciful because to date they have funded everything via equity, and their last few raises have all been at fairly large discounts:

Sep 2021: 17% discount ($115M)
May 2022: 12% discount ($190M)
May 2023: 14% discount ($200M)

Looking at those figures above, and bearing in mind the register already has 10B shares on issue, how can they talk about financing a $1.1B project and use an 8% discount rate with a straight face? Price assumptions also look super bullish.

Grade at 1.36% is nice though, and so is the strip ratio and the opex.

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I know for a fact that the Canadian government will issue debt at 8% or less through the Canada Growth Fund.

SYA Price at posting: 6.1¢ Sentiment: Hold Disclosure: Held
14 Upvote

0 Great analysis

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