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Correct. However it was 66p prior to drilling.

I'm surprised the SP is up again today with the NAV down to 95p. A 40% premium looks steep with cryptos continuing to sell off.

Yes. I can't understand the bifurcation in WTE and ECO SP action at all, which makes me a bit wary. Despite the increase in ECO this last week there have been fairly chunky selling as if someone is offloading into the strength.

Thanks. Where did you see that Harel? Is that P50 or Pmean. I think the only figure I saw was 0.5BB for a second drill, but can't remember where now. This licence so far has been anything other than transparent with no CPR or COS made available to the public. Even WTE management it seems have been none the wiser as to developments until after the fact or by learning from Notice to Mariners announcements. Even if we use 1.5BB that still only gives 38p tops including both drill pre result and the market doesn't tend to factor in both drills at the start of a campaign so I would suggest that's a bit high. As a point of comparison ECO had a market cap of £120M just prior to the two well results on Orinduik when it was targeting far more oil, closer to the Stabroek discoveries and at over 40% COS and market appetite was stronger. Current market cap is already £60M.

Cheers Wallact. I see WTE continues to drop, down another 4% today. ECO now 4.5 times more expensive than WTE relative to its stake in JHI. Something about this doesn't seem quite right to me.

Cheers Wallact. I see WTE continues to drop, down another 4% today. ECO now 4.5 times more expensive than WTE relative to its stake in JHI. Something about this doesn't seem quite right to me.

Current stake in JHI equates to 11.2 MMBOE equivalent net to ECO for the first drill. At $5/BOE and 30% COS (assumed as we have no figures) this gives a pre drill risked value to ECO of 6.1p per share. Given we were flat-lined at 23p before the deal I would say the drill is already in the price at 29p. The second drill is half the size, so we could add another 3p for that pre drill to take us to 32p, but that is all IMO.

On tiny volume. Looks to me like someone is trying to spoof this higher. Recent deal is not worth 13/14p on SP IMO.

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IRR NPV8 is 125% post tax and ZNWD NPV8 is 21.5% post tax. The 27.4% figure for ZNWD is pre-tax. See page 16 of the report. As far as I can tell IRR's Ewoyaa has by far the highest IRR of any UK listed lithium project, in fact one of the highest IRR of any UK listed mining project.

https://wp-zinnwald-lithium-2020.s3.eu-west-2.amazonaws.com/media/2020/10/02113210/NI43-101-Zinnwald_Feasibility-Study_Summary.pdf

https://investegate.co.uk/ironridge-resources--irr-/rns/exceptional-lithium-scoping-study-results--ghana/202101190700041428M/

IRR NPV8 is 125% post tax and ZNWD NPV8 is 21.5% post tax. The 27.4% figure for ZNWD is pre-tax. See page 16 of the report. As far as I can tell IRR's Ewoyaa has by far the highest IRR of any UK listed lithium project, in fact one of the highest IRR of any UK listed mining project.

https://wp-zinnwald-lithium-2020.s3.eu-west-2.amazonaws.com/media/2020/10/02113210/NI43-101-Zinnwald_Feasibility-Study_Summary.pdf

https://investegate.co.uk/ironridge-resources--irr-/rns/exceptional-lithium-scoping-study-results--ghana/202101190700041428M/

Yes. It certainly made my head hurt. Thanks for taking a look.

on the tiny dip.

Thanks Malik. Your research seems excellent. I don't suppose you have an accurate figure for KDNC's share of resources at Sonora? The project appears to be split into numerous licences with KDNC holding different amounts of each licence and each licence holding different fractions of the resource. I've looked at it several times, but just can't figure out how much of the Sonoro resource KDNC actually has. Thanks.

Malik, agreed on BCN figure. Do you have a link to the extra ZNWD LCE resource? The sources I'm looking at have the LCE at around 760mt.

https://www.zinnwaldlithium.com/projects/zinnwald-lithium-project/
https://wp-zinnwald-lithium-2020.s3.eu-west-2.amazonaws.com/media/2017/12/09112025/8-October-20-Erris-Resources-admission-document-FINAL.pdf

You clearly can't do basic maths Twohits. Total shares prior to deal was 205.1M and SP was 11.5p giving a market cap of £23.6M. Total shares are now 255.1M and SP actually hit 25.475p today giving a market cap of £65.0M, which is an increase of £41.4M. Perhaps you should focus a bit less on insulting people and a bit more on doing some proper research. Filtered.

https://investegate.co.uk/zinnwald-lithium-plc--znwd-/rns/total-voting-rights/202101291700014021N/
https://investegate.co.uk/zinnwald-lithium-plc--znwd-/rns/total-voting-rights/202106301700016499D/

Very good point Doorstop.

Luke, read the link to the feasibility document I posted. The EUR 428M figure is the pre-tax NPV. The post-tax NPV is EUR 270M.

By my calculations ZNWD is already on 70% of the NAV multiple that BCN was on prior to their takeover announcement. BCN's Sonora project is the largest Lithium resource on the LSE at about 6 times the resources of Zinnwald, so it's not surprising they were taken out.

Malik, that is a very sensible reply and agree with pretty much everything you've said, although I disagree on 4-5 times less than BCN 60% metric (currently around 55%). Unless I'm mistaken the post tax NPV for Zinnwald is only EUR 270M and the market cap here touched EUR 75M this morning.

https://wp-zinnwald-lithium-2020.s3.eu-west-2.amazonaws.com/media/2020/10/02113210/NI43-101-Zinnwald_Feasibility-Study_Summary.pdf