Ann: Volt to Launch Capital Raising, page-264

Hi Graphine Not sure you are quoting WKT correctly?

DFS

Key assumptions are WKT milling of 5m tonnes over 20 year life of mine,an average of only 260,000 Tonnes per annum (22,000 tonnes per month) although a mill capacity of 300,000 Tonnes per per year has been provided without cropping at 36%

Your key to assumptions 8 year mine life are not correct...WKT

Comparison on start up

VRC 20,000 @ 4.4%TGC

1000 Tonnes per day 4.4% 300 days @ 92% efficiency x recovery @ 98%=12,144 TPA

12,144 TPA @ $1600 basket price=$20 million per annum less $$$ROM per tonne

WKT 40,000 @ 16%TGC

1000 Tonnes per day 16% 300 days @ 92% efficiency x recovery @ 85 %= 37,536 TPA

37,536 TPA @ $1600 basket price= $$$60 million per annum less $ ROM per tonne

VRC will need to run 1700 TPD to deliver there 20,000 TPA target

WKT plant will be 30 million from DFS with thru puts 1000 TPD 40,000 TPA target

Looking at comparisons we could assume that VRC need a bigger plant than WKT. From costings we know that WKT plant will cost 30 million which is made with in a shed and shipped to site and bolted together (Modular) ROM capex 6 mill $352 cost per tonne delivered to port.

VRC costs for 20,000 TPA target with VRC suggesting plant will be 30 million with larger volume required for thru puts 1700 TPD.

High grade gives one a huge advantage.

If you look at VRC high grade section that could potentially be discretely mined is near 5-6% on start up while WKT is >23% TGC for the first three years.

Croc