@Helios11 - can't reply to your post, sorry HC not working properly, but this is in reply.
Agree, I think many believe Adina will be more than 20-30MT, it doesn't really represent a deposit of global significance.
I see the $2.31 as a 12 month target for the small deposit, but also noted their suggested price of what WR1 will achieve if in production on that small deposit. I'd be happy with $8 for 20-30MT. Happier with what it will be if Adina gets bigger to.
They estimate EBITA in 27/28, which is 5 years away. Chris seems to think they might be able to get into production a bit sooner, although I know many are sceptical about that too. They also don't estimate significant dilution into production, 193.6 mill SOI currently to 351.2 mill SOI. A far cry from some of the (my holdings to sadly) other companies out there!
They also haven't looked at Sirmac, which Chris said they will start looking at so as to keep something in the pipeline. I had another look at Sirmac today after he said that, as
@westy9 and I have come to realise that blue can = green on sigeom and Sirmac sits on blue. I read the description of Sirmac's blue, and it is as follows:
"The volcano-sedimentary sequence of the Frotet-Evans belt in the Lake Assinica region (SNRC sheet 32J/11) has been divided into two groups: 1) the Assinica Group which occupies the base, 2) the Broadback Group which is superimposed. The Assinica Group consists mainly of massive pillow flows of tholeiitic basalt. It also contains felsic to intermediate pyroclastic rocks and mudrocks. A large volume of **bro veins crosses the volcanic rocks. The Broadback Group consists of sandstones, polymictic conglomerates and mudrocks. The belt rocks are metamorphosed at the upper level of the greenschist facies. The volcano-sedimentary sequence of this region highlights an E-W oriented syncline."
Westy and
@Blue swims will be much better at interpreting this than me, but volcano-sedimentary sequence sounds like greenstone to me, and greenschiest jumps out as LCT pegmatites are hosted in upper greenschist to lower amphibolite facies. I also note that there are two spodumene containing outcrops nearby (one just west and one just north of Sirmac).
So I do tend to think that this report has undersold WR1.
(20min delay)