The Swanson JV became operational at the beginning of July, when...

The Swanson JV became operational at the beginning of July, when funding and construction commenced. We are now at 6 months of a 11.5 month construction phase. This puts construction completion in 5.5 months / July of 24, followed by 1.5 months of commissioning. Processing at full capacity in September. MA7 IR is more conservative and allows a further one quarter to go into production.

The DFS states that AM7 will draw annualized free cashflow of around A$4M. Read the DFS and note that forecast tantalum concentrate pricing is well below current spot pricing for concentrate delivered to Rotterdam.

There are around 200 pegmatites that straddle the mining area that is controlled by the JV and other areas controlled by AM7. This will allow for significant expansion of the LOM and allow for upgrading of processing capacity. The tantalum concentrate is conflict free and should readily attract buyers in Europe.

Current EV is around 20 cents per share (5 times free cashflow) being the price that the funder/developer bought into the project. Good luck to all longs.