Sorry but I simply disagree. I am not suggesting anything to be fair, I am saying SYAQ are perfectly correct in their assumptions as they are using the same numbers from the jointly published (SYA & PLL) NAL DFS, not somehow different ones as the other poster WWT was trying to suggest by either not understanding, or twisting, the numbers, which I have simply disproved above. I have not claimed anything, simply refuted.
All communication on a study level basis for NAL is run through both SYA & PLL as they are JV partners, be under no illusion about this. Also, why has PLL still not announced this PFS (let's call it that for now) to market as it relates to one of it's jointly owned projects with a major $ figure stated, instead only advertising it on Twitter..? That is a little odd to me personally.
In relation to the margin for converting, of this I am well aware and do not need you to attempt to explain to me. Liontown are stating they will simply capture that extra profit margin by going downstream, actually quite the opposite of what you are turning that into. I am aware the margin is relatively small with higher spod prices, and am also absolutely aware that that is why the truly excellent margins are to be found with those that can capture the entire value chain from ore to battery grade product all on one site, such as what NAL is aiming to do. This is the holy grail as such, and is why the carbonate PFS numbers are so good. It is simply an obvious fact as you capture the profit margin at all points in the chain as well as remove the costs of transportation as well as two sets of corporate fees, owner costs, taxes in different localities etc etc.
SYAQ have used the numbers from the NAL DFS, which are market based prices. You see to be 'forgetting' the only thing that makes this average spod sale price look low is the PLL offtake that drains an immense amount of the margin out of the NAL concentrator operation... but I'm sure you know that, it's all about which side of the glass you're looking in from I guess. If you want to talk about a fair comparison regarding spod and concentrate prices like you have said, then PLL would need to buy the concentrate at market pricing that you keep going on about, not at $900/t, then you might get the fair comparsion that you're after hey
It works both ways, sorry to break it to you. It would be a little rich and somewhat laughable for PLL to claim fair market pricing for comparison from SYA at this point surely, that $900 is the elephant in the room in relation to your argument...... You're literally saying you want SYAQ sell half the spod to PLL at $900/t but use for the carbonate plant studies a spod price of 9% of carbonate pricing....
The NAL operation would be significantly more profitable without the PLL offtake as we all know, but to then try to claim that the carbonate PFS should use entirely different pricing for it's transfer price of concentrate to show a lower NPV and less profitable operation is hilarious...
Is that a joke?
(20min delay)