Die besten Gold-/Silberminen auf der Welt

Neues Kursziel für unsere Sovereign Metals. Kursziel wurde um 25 aud Cents Prozent angehoben. Neues Kursziel ist 1,65 aud

t globally. Already the leading source of low-CO2 Ti into the paint industry, in a surprise development it is now the second largest contained graphite resource globally too. Key takeaways for us are (i) global resources nearly triple to 1.8Bt, with grade rising as new higher-grade zones were added. We see this as ‘too big to ignore’, even doubling the PEA to 24Mtpa would give this a >50 year life better than the largest mines in Africa (Tronox, Rio, Kenmare). Next, (ii) high-confidence M&I resources double the 4Q21 scoping study inventory, with a high-grade (the top 4-5m) cut off 241Mt @ 1.5% rutile, both of which should drive improved economics. We double our inventory and production, which lifts our 1xNAV10% to A$1.4bn net of minority interests and staged capex, and processing only 1/3 of the MRE. Finally, (iii) being grid hydro-powered, continuous-backfill hydro-mining, on rail, gravity recovered and low-CO2 natural rutile already gave the asset world-leading ESG credentials. As a material graphite deposit, those just got stronger. The unique genesis as metamorphosed sand for high-purity Ti, but weathered for soft-surface mining / enrichment, drives this. As evidenced by the -60% share price of the largest graphite asset since 1Q18, the ‘dirty little secret’ of graphite mines (low prices on early pre-qualification production) is a non-issue here as rutile will ‘pay the bills’ early on.