Member Info for tomcat-14

did he mention the tesla connection too... it doesn’t surprise me that these two most recent m&a events... kidman and pure... both have offtake agreements with tesla...

interesting to note that kidman are at pfs stage currently... the dfs due this quarter... having just been started last quarter... it does look like this project is being fast tracked by sqm... it’s also interesting that they are constructing the marmite refinery at the port... not at the mine... is there a gigafactory being planned or constructed in perth... or space for expansion so they can receive spodumene from a number of mine sources in the area... enabling them to mix the high / low grade to suit the required plant feed specifications...

bcn 19yr @2mtpa feed rate = 38mt ore (16% of the reserves : 7% of the resource)... producing 603t lce (17.5/35ktpa)... the bfs utilises a minute fraction of the reserves / resource in comparison...

bcn are using the conventional sulfate route... to alleviate that risk... but that is in fact... a significant point of interest... looking at the kidman flow sheet and hatch’s refinery design starting on page 5... lithium hydroxide produced directly from lithium sulfate... https://www.asx.com.au/asxpdf/20181022/pdf/43zgmckyjbdjww.pdf ... do you remember when hatch were brought in to sonora to advise on the hydroxide flow sheet... then mysteriously disappeared under the tesla nda’s... and then eric carter was brought in around the same time to upgrade the pilot plant with a hydroxide loop... that apparently never got around to being completed... under the same tesla nda’s... tesla and hydroxide were never to be mentioned...

47yr @2mtpa feed rate = 94mt ore (100% of the reserves : 50% of the resource)... producing 1880t lce (40ktpa)...

5%... 7km of 160km...

project life... 47years... revenue... $33.3bn... (21.6 x offer or 4.6%)... ebitda... $21.2bn... (13.7 x offer or 7.3%)... npv10... $2.2bn... (1.4 x offer or 70%)...

kidman $/t lce... $770m/3.5mt mineral resource = $220/t lce... $770m/1.75mt mineral reserves = $440/t lce... obviously this excludes any other added extras they may have in other minerals and concessions... and is attributing the full value of the offer to kidman’s earl grey lithium only...

bcn mre... measured... 1.7mt lce... indicated... 2.3mt lce... inferred... 3.2mt lce... total... 7.2mt lce... bcn reserves... proven... 1.5mt lce... probable... 2.1mt lce... total... 3.6mt lce...

earl grey mre mar18... measured... 66mt @1.58%... 1.0mt li2o... 2.5mt lce... indicated... 106mt @1.52%... 1.6mt li2o... 4mt lce... inferred... 17mt @1.11%... 0.2mt li2o... 0.5mt lce... total... 189mt @1.50%... 2.8mt li2o... 7mt lce... earl grey reserves dec18... proven... 54.4mt @1.50%... 0.8mt li2o... 2mt lce... probable... 39.8mt @1.50%... 0.6mt li2o... 1.5mt lce... total... 94.2mt @1.50%... 1.4mt li2o... 3.5mt lce... li2o to lico conversion factor... 2.473...

their sp peaked around the time they secured the tesla offtake... $2.48/$988m mcap... and looks to have then been sold/shorted down from that... to a 52w low in oct18 $0.825/$328m mcap... now currently sitting around the $1.90/$770m offer price from wesfarmers...

their latest investor presentation... can you see where the $770m value is being attributed... https://www.asx.com.au/asxpdf/20190208/pdf/442gl26ck424mk.pdf ... what have they got that bcn haven’t...

nope... wouldn’t touch it with a bargepole... lol... but for forex reasons though mainly... if they ever dual listed uk i would...

capital raise upped to $2.7bn now... demand for tesla stock... and bonds is high... even without those who wouldn’t touch it with bargepoles...

the other thing to realise from the graphics on page 5... is that 7km line represents the approximate length of the drilled out strike length only... from the total 160km visible strike length... defined by the red lines on the concession map...

i thought you were l2analyst... it looks like tsb’s sell to me...

hope you’re also aware that the 17.5/35ktpa pfs (us$1.25bn npv8) uses just 820kt of the contained lce... from that total 8,800kt contained lce drilled out to date... theoretically they can do the pfs ten times over... they just need to get that 17.5ktpa stage-1 pilot plant started... and prove sonora lithium to be viable at scale...

anyone managed to put it all into context yet... eg $/t lce contained resource drilled out to date... https://www.asx.com.au/asxpdf/20181218/pdf/4419z7zpty14m0.pdf ...

for which the bod and major shareholders seem to think it’s a good deal... and support the proposals... https://www.asx.com.au/asxpdf/20190502/pdf/444s2z4z0fp105.pdf ...

they definitely did their pre-offer preparation work... to lock in a substantial number of existing shareholders... https://www.asx.com.au/asxpdf/20190502/pdf/444s36nbvj15ml.pdf ...