Ah, yes thx. I mixed up metres cubed with tonnes
I note that the SG for spodumene is 3.15, so using my original numbers 1500 x 850 x 17 x 3.15 x 0.85% cutoff = 580,000 tonnes.
At 50% discount = 290,000 tonnes. Using your suggested $100/tonne USD in ground value (rather than 5% of finished product price) = $44 mill AUD. $44 mill plus $11 mill cash = 77cps or 38cps at a further 50% discount.
Either way, 27cps seems cheap, especially if the next set of results back up the potential size of the orebody.
Ann: Investor Presentation - RIU Explorers Conference, page-63
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