Brandon Hill Coverage, page 31 (under Valuation Technique)
"We have valued the Nachu Graphite Project using Net Present Values. Our valuation is based only on the Nachu deposit. We have modelled the operation on a quarterly basis for the proposed life of mine as determined by the Magnis
Resources mining plan. The proposed start-up date was in the September quarter 2016 and initial sales in the December quarter. Given that we are currently at the end of the first quarter of 2015, we believe that this schedule is unrealistic and have commenced production in the second quarter of 2017. Other than the delayed start of production, the plan is the same as the prefeasibility study. This plan is initially based on mining the shallow portions of the F and F south resources. The mine life extends until the end of the December quarter 2037. All this material is assumed to be open pittable with a strip ratio of 2:1. Since the ore body outcrops we believe that this is very achievable. The ore body is known to extend at depth but any underground potential has been ignored. Although the grade of the F zone is 5.2% TGC, we have allowed for some dilution during mining"
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