This is also my view - SGML is either severely undervalued or...

This is also my view - SGML is either severely undervalued or LTR significantly overvalued (or a mixture).

Production forecasts for both are slightly vague but if we take the most likely outcome for 2025, it looks like SGML will produce roughly 500Ktpa while LTR will be around 450ktpa.

Cost wise it’s hard to compare but I think almost everybody expects Sigma to be a lower cost producer.

If all of the above is true, then Sigmas market cap relative to LTR makes no sense. Especially given LTR still hasn’t shown whether it can even hit name plate in its first year.