First of all in my opinion you did it right. ATC shares will be diluted a lot in the near future.
Comparing the economic figures you see that FYI is the top pick.
The timeline till production is much shorter, less Capex needed and also the Opex is lower. I would not consider the lower market cap of HEG as an argument.
HEG: I am not convinced of the homogentity of the resource that HEG has. In addition there is no forum and not much interest. The PFS came out of the woods very surprising. You should also read both PFS and compare them the PFS of FYI is much more profound.
I am not sure if the HPQ of HEG has also the purity to sell it as by product.
I am also not convinced of the management. HEG is doing a test plant with 1000t capacity that is a little bit strange for me, I think they are aware that they can not finance the project. In addition there will be a big amount of due diligence if they will find investors.
Finally HEG is running under the radar and additional information are hard to get.
Hope that will help as a first statement if you have further questions please ask.
FYI HEG ATC 1 Capex 179 Mio 271 Mio 298 Mio 2 Amount 8000t 8000t 4500t 3 Opex 6467 7668 9900 4 SOP Q2/2021 Q4/2022 Q3/2020 5 Ebita 24000 HPA Price 128 Mio 123 Mio 63 Mio 6 IRR 46 34 22 7 Resource in MT 16,1 3,68 12,7 8 Purity HPA 99,996-7 99,990-3 99,993
