Phoenix Water - PXW - Lithium - 100x, page-1144

From Standard Lithium's website;
"60+ years of commercial brine operations for bromine production, and the highest reported lithium in brine values in North America make the Smackover a promising lithium production powerhouse with room to scale."

"highest reported lithium in brine values in North America" - according to their DFS, Standard Lithium's average grade is 217mg/L. Phoenix has "an average lithium grade of 437 mg/L".

"PHASE 1A DEFINITIVE FEASIBILITY STUDY

The Company completed a Definitive Feasibility Study (“DFS”) for Phase 1A in the third quarter of 2023 and expects to make a Final Investment Decision (“FID”) in the first half of 2024, subject to continuing project definition, finalization of commercial agreements with LANXESS and project financing initiatives. Assuming a positive FID, construction would commence in 2024 and commercial production would begin in 2026.

Definitive Feasibility Study Highlights (US$):

• Indicates average annual production of 5,400 tonnes per annum (“tpa”) of battery-quality lithium carbonate (“Li₂CO₃”); peak production of over 5,700 tpa
• Average annual operating costs of $6,810/t of Li₂CO₃ over the 25-year operating life
• Total capex estimate of $365 million includes 15% contingency
• After-tax NPV of $550 million and IRR of 24% assuming production of 5,400 tpa, discount rate of 8% and long-term price of $30,000/t for battery-quality Li₂CO₃
• Measured and Indicated Resource of 2.8 Mt lithium carbonate equivalent (“LCE”), respectively, at average lithium concentrate of 148 mg/L; Proven and Probable Reserves of 208 Kt LCE at an average concentration of 217 mg/L"

https://www.standardlithium.com/projects/arkansas-smackover

Comparing the pair;
I think that SL will be "piggybacking" off current brine production which should reduce upfront capex, eg. well costs. Not sure how significant that is though.
SL - Proven and Probable Reserves of 208 Kt LCE at an average concentration of 217 mg/L
PHOENIX - 12.4Mt LCE at 437ml/L with an indicated mineral resource of 8.3 Mt LCE and a reserve of 1.9Mt. That's nearly ten times the reserve and at double the reserve grade.

This gets interesting;

SL has Measured and Indicated Resource of 2.8 Mt lithium carbonate equivalent (“LCE”), but at a much lower average lithium concentration of 148 mg/L.
Phoenix's entire 12.4Mt has 437ml/L average grade. Four times the contained lithium at three times the grade.
SL phase 1 target 5,400tpa - 38 years based on reserves.
PHOENIX -target around 65,000tpa - 29 years based on reserves.

So Phoenix has close to ten times the reserve and potential production capacity from reserves.
SL with its reserves and production target roughly only 10% of Phoenix's has a market cap is US$450mill. DFS after tax NPV is $550mill.