The last weeks have been rather quiet and frustrating for SYA holders. Here is my current take:
There are two topics on the table: Authier (+Tansim) and Western Australia
Authier is not the biggest or best resource (Resource size currently around 40% of AJM), but it is well advanced in studying and permitting. Getting Authier to be developed and producing is the key to get financing for all the WA tenements.
I have the feeling the departure of our old CEO has also changed the approach of the company. Until June it was communicated that the DFS was due in June and supposed to be published before the consultation process.
Then the DFS gets delayed every time a bit more. I have the feeling that this is intentional and expect the DFS pretty soon after the consultation process finishes (before end of August).
While initially it seemed the company was trying to force the approval through, now everything seems calmer and smoother.
The minister of environment has stated she will send Authier through the BAPE process.
From a seasoned director (Dan O ‘Neill) I would expect an approach that lets the politician save her face. So SYA goes through BAPE. At the same time he will get to an understanding upfront that this process shall be smooth and expedited. Maybe SYA even manages to increase the size of the plant. No need to stay below 2.000t per day if it goes through the BAPE process anyhow. I surely hope I am right on the permitting issue.
The last anns seem to suggest that SYA would have an offtake partner ready to go if the project gets a green light on the permitting side.
Tansim is somewhat a wild card here. It seems a promising tenement but it is very early stage. I have the feeling it could improve the economics of Authier if it was to be integrated somehow. But that is a long road to go down still.
Western Australia:
The sheer amount of tenements in WA is impressive (>1.800 sqkm). But they are far away from any production. This month they are supposedly drilling in Mallina. The rock chip samples published in October 2017 look impressive. I compared them to the initial samples of PLS in their project and at first sight they look comparable. (I have no geological knowledge though and might be wrong interpreting what I read.)
So I would expect some impressive drilling results from Mallina. How long does a 2.500m drilling program take? How long until the results come out after they finished drilling?
My My next expected Announcements are:
Consultation process finished.
DFS finished
Project application submitted
BAPE review
Drilling results from WA
New CEO
I am holding stocks and options and keep optimistic. GLTAH
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