sorry to step in but we're comparing phased mining plans.PMET's...

sorry to step in but we're comparing phased mining plans.

PMET's phases 1 & 2 are 1.15% and 1.19% respectively.

WR1's phase 1 will be the high-grade zone from surface, maybe 1.4-1.5% avg grade

It's too early to be exact for either project because grade should increase with in-fill drilling (the wider the holes, the more the model needs to discount grade for continuity risk).

These are different scale projects also. PMET seems to be planning 5mtpa, whereas WR1 will start with 2.5mtpa (unless they upgrade Renard's throughput.) Unclear how big WR1's phase 1 would be but my guess is under 10 years. Still, it's those first years which are important because these affect payback / IRR.

One key metric to look at is capital intensity, e.g. capex divided by production. This gives you a rough guide as to how quickly a project will provide returns, and also how difficult they may be to fund.

PMET say 1.2bn USD / 800ktpa SC5.5 LOM avg production = 1500 usd /t SC5.5

WR1 say 200m USD / 360ktpa SC5.5 LOM avg production = 555 usd /t SC5.5

Worth noting there are more capital-intensive projects than this in Canada, notably SYA Moblan and FL PAK both of which should be in the 2000-2500 usd /t SC5.5 range.