@Duramax
I hadn't forgotten about you mate, was just trying to clear up the schedule to complete further DD and revisit some research in years gone by that had eluded me
2017 PFS and Reasons the Project Stalled
- The High OPEX Cost was A$1,038/t of concentrate, if you add in sustaining capital + other variables the AISC was likely ~A$1,200/t (This is in 2017 aswell)
- The relatively low head grade in the Ore Reserve Statement was 11.9mt at 4.3% TGC.
- The Majority of the Ore is located at depth, the stripping ratio was 4.5 to 1
- Not a single mine pit, but a cluster of small scale deposits
The above low head grade and high strip ratio, means you are drilling, blasting, loading, hauling and processing a lot of material to get the same volume of concentrate as peers with lower stripping ratios + higher head grades
The Positives
- Very low levels of impurities within the resource
- Ability to achieve 98% purity flake concentrate following crushing and flotation stages (You get a premium over the quoted 94% flake prices for each mesh size)
- Location in WA a safe, stable mining friendly jurisdiction
Conflicting Information
- The Flake Distribution within each of the mining pits seems to vary quiet abit from reviewing the metallurgical results (also today's announcement seems to contradict the PFS)
If you look at the PFS results below it shows the Emporer and Longtom made up nearly 90% of the PFS Ore Reserves, yet the flake distribution was 27% fine, small 44%, Medium 10% etc Compare that to todays presentation (also below) it states that over 85% of the flake at Emporer is in the Large / Jumbo categories
Graphite Pricing
I have read a few people comment on graphite flake pricing being double that of 2018, I am not sure where those people are sourcing that data from. What I see is that Fine + Small + Medium Flake have increased marginally since 2018, whilst Jumbo has decreased
Todays Graphite Presentation and Recent Company Pivot Changes
- The company is pivoting and focusing the Existing Resource as a coarse (large + jumbo) flake into the market, whilst conducting further work at Threadfin + Mahi Mahi as a potential source of Fine + small flake for use in the battery sector
- Large Exploration Target that future drilling will hope to bring to realisation
- The Headgrade and Depth will also mean that overall OPEX is going to be higher than its peers
- This will be somewhat offset due to lower levels of impurities and a higher purity product +98% TGC
In Summary
- Given the current market cap and cash position, it is a very tempting prospect
- I would encourage everyone to review the historical data / project history / management changes / project ownership changes that has lead it to this point (make of it what you will)
- If you are a believer in what Graphite is going to do over the coming decade, then a project such as this that might have a higher OPEX than its peers, would more than be covered if prices go on a lithium style run
Sentiment: Worth a punt
Position: Not held (currently)
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