CHN vs SRL vs IVN Platreef

by popular request (by popular i mean cjlcowled suggested) i've done some high level comparisons of Chalice Gonneville with SRL Sunrise, for good measure I've also included Platreef because its a PGM project I am familiar with and its more analogous to Gonneville as will produce similar products. having said that SRL is open pit which I expect Gonneville will be too, whereby Platreef is quite deep underground

As Gonneville only has released a mineral resource estimate from 175,000m of drilling, all we can really look at is value in ground - no mine plan no flowsheet so no cash flow / cost estimates. I am using SRL PEP figures and Platreef 2020 FS figures.

The entire resource value (measured, indicated, inferred) before applying any recovery factors etc


However only a portion of this is economically recoverable and practically recoverable through processing losses etc.
I therefore compare the SRL 25yr LOM and Platreef 30yr LOM feasibility study defined mine plan's revenue to CHN open pit resource value multiplied by their preliminary met testwork. Also slightly de-rated SRL nickel revenue to match $18.5k/t LME price

Chalice met testwork from recent preso, with adjacent the recovery % assumptions I've used:

To get a sense of scale here, Platreef 4.4Mtpa plan above has a present day value of around US$3.5Bn, SRL 2.5Mtpa is around 1/3 of this at US$1.2Bn which is roughly proportional to above chart. If you use the scales, CHN Gonneville should sit around NPV US$1Bn, obviously very dubious estimate but a decent starting point. CHN are currently trading at US$2.6Bn

Above bar charts in pie charts below, easier to see how Platreef in terms of commodities is more akin to Gonneville. they are both primarily palladium projects.


another comparison I have done is SRL's 60cm assay grades to a typical CHN Gonneville assay (excluding base metals), converted into platinum equivalent. you can see that our hit at 169.6 g/t Pt equivalent is world leading. Chalice comes in at 5-11g/t Pt equivalent over tens of metres.

SRL hit is therefore 16-34x more dense