ComparisonsDiscussion is a good as long as its for knowledge and DD and is not personal.
It is obvious that FMS has lower cost per tonne of concentrate due to grade. But must consider revenue per tonne to evaluate margin which is most important number. One tonne of NGC concetrate, all large flake, sells for $2,500/t, costs are $1,000/t and margin $1,500. FMS concentrate 20% large flake, 20% medium and 60% -150 mesh. Price is $1,250/t, costs $350/t and margin $900/t. Lower margin mean lower cash flow and lower NAV.
I use price of $600/t for -150 because it cannot be used for batteries, graphene etc., will go oversupply as new mines like Lac Knife built and may be difficult to sell as happen often in past.
Must also relate margin/CF to shares outstanding (NGC 31M, FMS 77M) and amount of annual prodcution that can be made into anode material and increase price (NGC -20,000t, FMS - 8,000t).