Q4 kestrel eu al13 Jan 2022 13:21
I’m struggling to see how APF isn’t considered hugely undervalued. CEO has said Q3 Kestrel prices averaged $210, or thereabouts, whilst Q4 have been around $350 per tonne. Given that that additional revenue is at the 15% royalty rate and tonnage was broadly similar at around 500,000 per month its hugely difficult to see how Q4 can’t be anything other than a bonanza.
Add to that steadily increasing cobalt price the only cloud I can see is how long kestrel will last. I think I read somewhere that they were moving away from APF royalty lands in early 2023, recent years output has been around 90% on APF royalty land.