RE:Focus Graphite PEA
$458/t for FMS includes a 25% contingency. The expected cost is $366/t of completed concentrate to 98.2% grade. The head grade there is 16%. For NGC at a head grade of 2%, the cost is $800/t to basic finished concentrate. You will need to wait for the details of your concentration circuit and pilot plant obviously, but ZEN grading looks to be 3-4%, so i doubt you will do it at Focus or Mason low costs, more likely somewhere in between them and NGC, $550-$600/t maybe. Maybe the processing is easier for ZEN being vein type, but mining, hauling, basic crushing is the same, so you would expect some comparison of costs based on head grade to be valid. Ultimately, only the ZEN pilot will prove this.
Then there is upgrading to consider. Focus have licensed with Hydro-Quebec and (subject to PEA/BFS confirmation) believe they can get to greater than 99.95% for an $500/t. They are looking at around $850/t all in for battery grade, as they have a good basic concentrate at 98.2%.
ZEN has no published costs for their leach process over and above it being stated as cheap (relative to what?). But, if they can do it for $350/t or less they may well produce an upgraded concentrate +99.95% for a similar price as FMS. Cheaper than this and they could well do it cheaper or visa versa.
One is obviously flake, one is vein type, but at these upgraded levels revenue/t is similar.
Both look attractive as investments, hopefully operating in different markets also. Margins could actually be similar in the end imo.
Regards.