@NZInvester, Thanks for the update, much appreciated.here is the...

@NZInvester, Thanks for the update, much appreciated.

here is the link to the post that @mad max was referring to which compares SFX mkt cap to STA mkt cap during its development stage.

https://hotcopper.com.au/threads/why-is-the-sfx-share-price-so-divergent-from-theoretical-value.7683325/?post_id=70979808&embed=1

In summary, Coburn and TB are roughly comparable, Coburn with a DFS pre tax NPV of $705mil, with 50% of TB having a DFS post tax NPV of around $700 mil. (note Coburn uses 0.70 US/AUD and is pre tax, and SFX uses 0.75 US/AUD and is post tax)

STA's mkt cap was $480mil - $690mil at sp of 40c-55c, when the market was assuming the project would perform according to the DFS, compared with SFX's market cap of $270mil @ $68c and $600mil @ $1.50.

SFX at 60c has a mkt cap of $240mil which is less than half of what the market was willing to value Coburn at even prior to production starting. SFX at 60c is equivalent to STA's mkt capitalisation when it was at 20c in late 2020, at least 18 months prior to the plant being built.

It should be clear that SFX is currently being priced at less than half the value that could be expected, or in other words, at levels you'd expect prior to the plant build commencement, and not at a point where first shipments are about to be made.

in short my conclusions confirm those made by @NZInvester in his recent post.

Recent feedback from an external party who has had a view into the operations say the plant is robust and built for purpose, not fancy or complicated, just heavy duty and oversized, built to exceeds average requirements, primarily to handle even the more indurated ore that makes up some of the TB orebody. The oversized plant also ensures that nameplate production is not just a pipe dream.

The impression I got from listening to the descriptions is that slowly more and more industry people are bound to appreciate what a solid project TB is and how the plant is built for purpose and the operations crew are highly experienced, bringing knowledge from other mineral sands companies such as Base Resources. Also, with the additional benefit of having learnt from the unfortunate commissioning events that started to make themselves know 6 months ahead of TB commissioning.

I continue to believe that SFX (at its heavy valuation discount) is a sitting duck for a hostile takeover and hope that by pragmatically highlighting the pricing discrepancy ahead of any such corporate action, existing holders won't be fooled into thinking that a healthy premium to the existing share price, is automatically, valuing TB fairly.