Ann: West Arunta Project - Luni MRE, page-279

@2ic ... Interesting answer, walking all over the place and avoiding the reality I put to you..
I was comparing WA1 and SFR at pretty much exactly the same place on the Lassonde curve, so no variation there.
Also I was asking about Mcap and the relativities between the 2 companies was in Mcap terms.
An answer of less than $22 doesn't cut it, as that is the share price not the Mcap.

WA1 is basically only 20% of the Mcap of SFR, when only using recoverable Nb2O5 (and I left out phosphate or any other byproduct!), while including all products from SFR for their Mcap compared to recoverable IGV.

Any investor that's been around the traps for any long period of time knows that most NPV and discount cashflow projections have no meaning over the value of a resource. It's usual economists mumbo jumbo that ends up having no meaning in the long term as all the projected numbers end up incorrect.
Go back to 2018 and zero people planned for spodumene concentrate going to $5,000+ per tonne. All calculations were $450-600/t plus or minus 10%, 20% or 30% on an outlier graph that no-one looked at. Altura went bust because they borrowed too much at 15% interest. They were always going to go broke. Tawanna went broke because Mark Calderwood didn't know how to run a company.

People with lots of money know that in mining, a large, long term resource, of high grade is the key. Cycles will come and go, but large size means staying in the game for a long time, long enough that it will enjoy the high prices when they come along. High grade because it can be profitable even in the bottom of the cycle and a cash printing machine when prices are high.

Sandfire had high grade, which made it profitable, but short life. Everyone involved was sure more high grade mineralization would be found given enough exploration over time. They were wrong.
WA1 has a long term very high grade ore body, better than Araxa because of relatively low thorium, so needs less processing, plus will have the by product of phosphate, with the phosphate taking care of all processing costs, from my calculations, meaning WA1 will be the lowest cost producer on a Niobium cost curve chart.
The big money is not blind to this and the ~$1.1B Mcap will not last long as we should be at or above what SFR were are the same stage...

CBMM are not blind either, so I'm very confident they will want to work with whoever starts this mine, and probably take a cut in production to allow for the new player, like they have done before. Realistically though, demand for Niobium will be rising rapidly and the whole industry will be lucky to keep up with demand as batteries take off.

BTW every down ramper told those of us in lithium stocks, in 2015/6 that technology would by pass the need for lithium as well...