Just on the ebitda/MC comparison this is kind of my point...
Using the SYA PFS price assumption of 614/t for both projects (I used 360kt for BGS):
SYA 17 years at 38m ebit, 72m MC.
BGS 20+ years at 158m ebit, 120m MC.
Notice the ebit for BGS is bigger than its ENTIRE MC. At a 614 usd/t price assumption.
So while the SYA ebit figure looks good, the BGS one is monstrously scary.
As for sya's 'phase two', the capex involved on a hydroxide plant is going to likely dilute the stock immensely. See nemaska, 700m+ for plant. Won't be able to pay for this earning 35m a year. deposit too small to scale to a refinery imo.
For comparison BGS can simply double their spod production I.e 4Mtpa for minimal capex and punch out over 300Mil a year even at 600/t spod prices. That is ridiculous money. Again current MC 120Mil with 10Mil in bank and guaranteed gold income stream.
Now I'm drooling a little...
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