Sharing some of my analysis here: [ATTACH] Using current...

Sharing some of my analysis here:


Using current production levels:

• SYR @ 106kt pa (full year target on track)
• BSM @ 6kt pa (nameplate production rate achieved)

Implies average value of 1 kt of graphite concentrate production is $6.6M as a proportion of Market Cap.

• SYR @ MCAP $6.4M/kt of production.
• BSM @ MCAP $6.9M/kt of production.

Quite interesting that SYR and BSM's MCAPs on a per kilotonne of product basis are within 10% of each other.

SYR have just initiated their Spherical Graphite production facility, however this is still only being used for product qualification at the moment. BSM have a Lithium project however I don't think the market is currently attributing any value to this project yet.

Simplistically suggests a price target of 4.8c for 20 kt nameplate production.

Average $6.6M per kt * 20 kt = $132M ( projected MCAP )

Projected $132M / current MCAP $41M = 3.22

3.22 x current sp $0.015 = $0.048

So 4.8c a target for 20 kt nameplate. Must qualify by saying I haven’t looked at likelihood of dilution ( would largely depend on CAPEX to increase nameplate to 20 kt pa production, not actively following so unsure).

I was invested in BSMOB at one point but sold that for a profit. Not holding. Just thought I would share, know 1 or 2 people here and I thought there would be general interest in the analysis.