Latest Research Report - price target $2.00 per share. STA (Coburn) v SFX (TB) comparison

Hi All,

Below is the link which takes you to the latest Bridge Street Capital, SFX research report ($2.00 per share price target)
https://www.sheffieldresources.com.au/site/PDF/617155bc-8287-4042-a8fb-9a6e8dc67554/BridgeStreetCapitalResearchReport

There is a very interesting comparison in the report between STA's 100% share of the Coburn project and SFX's 50% share of Thunderbird. The unlocked value in SFX (if the STA market capitalisation is anything to go by) is undeniable (subject to debt funding being secured).

Note the comparison of the difference in production costs between the two projects, the production cost estimates for TB seem to be conservative and there's room for higher than forecast margins to be achieved. We also need to consider whether the Coburn cost estimates may be overly optimistic.

Also of interest is the placing of a spotlight on the potential of SFX (KMS) to unlock further value by accelerating Stage 2 development.
Also note the section which references the hidden potential of the SFX (KMS) exploration ground, extensions to Thunderbird, Night Train as a stand alone project and others.

I'm sure other valuable input will follow from other well educated forum regulars.