Ann: Metal-Pages Shanghai Presentation - 13 Septe, page-7

re: Ann: Metal-Pages Shanghai Presentation - ... Tonio

Seems a downbeat assessment based on numbers released in NTU Metal-Pages presentation.

NTU indicate a current basket price of $83/kg.

A current grade of 0.73% with a recovery of 80% or around 6kg/t of recovered product. Current drilling probably will raise the grade when results incorporated.

Thus in-situ value around $500/t of ore.

This has to be discounted for 92% mixed oxides less mining + treatment costs to get a net figure. Await the BFS but v. surprised if not positive on raw figures let alone strategic value of these deposits adding some plusses.

With a total revenue of 3,000,000kg x $83/kg = $250 million/year not a small project with derisking proceeding apace.