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26/03/21

18:18

Post #: 52074479
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Originally posted by Mallyrock ↑

'RNU production costs circa 30 percent higher per tonne for SPG - US$2,000/t (RNU) and US$1,531 (EGR) *(please fact check this).'

Hi SugeKnight,

As requested, I’ve done a fact check comparing EGR's and RNU's ‘PSG’ production costs. Also known as their ‘OPEX’. They are as follows:

RNU is US$1989/t GROSS. It includes its own graphite concentrate feedstock. And doesn’t include any by-product credits. See RNU ASX Announcement 1 July, 2020.

EGR is US$1998/t however it is MISSING the costs of graphite concentrate feedstock? See EGR ASX Announcement 17 April 2019—and figure 1 below which I have highlighted in red the issue. Also, it’s not clear if the Announcement includes by-product credits. See also that report.

Please note: the US$1531/t figure is actually EGRs EBITDA (an estimate of profit margin). It is not its OPEX. They are two different financial measurements. Therefore, until EGR releases an update reflecting a GROSS OPEX we can’t compare, except to say that EGR is going to be about $406/t higher (US$2404/t) based on RNU’s feedstock cost advantage. See figure 2 below.

I trust this helps.

Figure 1: Compared to RNU, EGR’s OPEX doesn’t include the costs of the graphite concentrate feedstock. See, ASX Announcement 17 April 2019, page 3.

Figure 2: RNU’s graphite concentrate feedstock cost advantage is at least $406/t and predicted to grow as prices do.

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Hi Mally, I'd be more concerned with the selling prices that have been used. Can you justify the following difference in selling price used in the RNU study compared to the EGR study

RNU. US$4312
EGR. US$3250

Do you think EGR is being very conservative or is RNU very optimistic?

Or have I missed something?

Thanks

EGR Price at posting: 67.5¢ Sentiment: None Disclosure: Held
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EGR vs Similar Companies, page-14

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EGR vs Similar Companies, page-14

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