Sure. Thank you for the congrats.
Given you guys are so hell bent on pointing out (incorrect) flaws of AII, if you want to get serious about comparisons of value, let's take a look at EQR's horses shall we? QoQ horrible EBITDA generation, increasing strip and waste, decreasing cash, increasing debt. You tell us EQR is feeding the market, but it's not making money.
EQR's DecQ 2024 saw WO3 output fall -21.7% to 42,292 mt. It raised $7.7m in equity and debt in DecQ to cover operating loss and capital spend of $9.1m (leaving cash at $2.0m). Net profit for FY24 was
-$28.3m.... This is from EQR's own broker/analyst and on its website...
Analysts for Almonty/Sangdong have it printing cash from FY2025e onwards. Research is
Here. I (like that analyst) am valuing it on future cashflows, which is a simple DCF with some growth in the Moly potential. That is a very, very common, not a comparative valuation on current production profiles as you are suggesting.
Global EQR MRE is 41.7mt @ 0.23% WO3, over both projects, and that includes low grade stockpiles.
Sangdong alone is 2-3x the size & twice the grade, plus it has a Moly MRE of 21.48Mt @ 0.26% MoS2. Almonty obviously has Panasqueira and Los Santos in operation (and Valtreixal in development) as well.
Mt Carbine open pit LOM lasts til 2030 (5 yrs) and Saloro runs for 7 years. Sangdong LOM alone is 60yr+.
If you are going to s*&Tcan the Almonty stock (which I will take profit on when I'm well and ready, based on my own DD, thanks), maybe ensure your stock is more bulletproof first.
Can we pls move on with the comparisons?? Look at each one separately - they are apples and oranges as I've said before.
(20min delay)