I've done some reading and generally agree with your thoughts. Few things I noted.
1. PLS Opex dfs US$333/t without tantalum credits. Gxy latest ramp up opex is US$389/t excluding marketing and royalties costs (Probably add US$60/t) but also no tantalum credits utilised. Gxy says this will reduce over coming quarters once steady state achieved.
So all in all they will be quite similar though agree PLS will produce cheaper.
2. The foster stockbroking report suggests the remaining PLS funding to be a mix of equity,debt and prepayment. Likely equity component of AUD$50million. This would add a further 147million shares at current share price.
3. Both hard rock plants will be nice little profitable operations. Though comparing either to sal de vida - well neither even come close! PLS annual net cash flow will be AUD$100m while GXY Sal de vida is estimated at AUD$240m. Now that is a serious cash cow!
GXY Price at posting:
42.0¢ Sentiment: Buy Disclosure: Held