Capex per tonne goes down the more you produce. Phase 2 always...

Capex per tonne goes down the more you produce. Phase 2 always cost less as they scale up. Thacker Pass Phase 1 (40ktpa) $2.27b capex, Phase 2 (+40ktpa) $1.72b (24% drop).

Anson is $495 million starting on 13k per year, AZL is $290 million starting on 6k per year.

Starting smaller means less capital cost (although more per tonne at the beginning), less risk, gives you ability to adjust and improve as you scale up. The numbers will only get better from here.Lets compare AZL to $737 million AUD MC Standard Lithium.

Phase 1:5.4k tpa production
Capex $365m
Opex $6.8k
After-tax NPV of 550 million using LCE price of 30k.

I got in on AZL because I wanted the next Thacker Pass. Prairie blows Thacker Pass out of the water when you crunch the numbers, and they got a 650 million dollar investment from GM.