So the day arrives, much awaited by @sparkytrader1 and others. A...

So the day arrives, much awaited by @sparkytrader1 and others. A mate of a mate told him to buy SVM a couple of weeks because "SVM were about to list in London and the poms will give it a rev". I get the attraction of trading into the london listing pump, and no doubt plenty have got set for just such a trade. I suspect 'education' about the fundamentals will be no higher priority over there than it seems to be here... just more dumb money looking for a thematic.

My bigger question and risk of hanging past the London pump and CR, is what sort of annual margin will this project realistically through up all things realistically considered. $250M MC doesn;t seem cheap by min sands standards to my Aussie eyes still very early in the feasibility and permitting process. Development is still a long way off, still don;t know what the numbers are or most of the 'assumptions' behind them. The scoping study will give the market an idea of the project's potential.... subject to confirmation and +/- 50% on input variables of course. The last metallurgy update was pretty interesting, incorporating hydroclones as an additional de-sliming step before the traditional wet plant spirals to provide graphite by-product potential from. Hydrocyclones on this tonnage are not cheap, wonder if they are required for high clay content anyway or just to produce a graphite concentrate?

Then there is the inherent contradiction that rutile and graphite enrichment are inversely proportional. The top 8m have mostly <0.5% TGC and fine flake size (avg ~0.3% from infill aircore drilling) yet the rutile grades drops off sharply below 3-4m and to well under 1% rutile below 8m (<7% avg). Even cherry picking the eyes out, head grade is 1.2% rutile to 11.5m depth allowing TGC to avg 1% from surface (as per the 15 selected holes for scping study met work composite samples...). It's a real bind, a contradiction that will come home to roost sooner than later imo.

Meanwhile, the scoping study about to soften the poms up for an imminent CR is known by a lot of consultants. advisers and others quite aside form the usual ASX company grapevine. Might be nothing, but a lot of selling since the infill aircore results dropped at 66c, especially into the LSE listing pump. I'm guessing they will run early years on shallow high-grade pits without a graphite plant to reduce capex and try to make some money to fund the graphite from cash generation later on. Shallow pits don;t make a lot of sense from a footprint capex-AISC point of view but it's easily worked around when permits and community license to operate isn't yet a real impediment to relentlessly chewing up large areas of farmland. The only pit depth that makes sense (and generates close to 1% TGC avg grade) look like delivering closer to 1% rutile head grade than 1.5% but that's for the DFS later on.

In short, London is def a bonus and clever way to shift funding from the ASX players already long in the tooth, but perhaps "the potential, or lack of response this will give to the SP" will all be about the actual scoping study...Good luck to holders, hope they give it a rev.