boardroom radio presentation, page-13

As of 21/06, VML had 15.8mt Inicated/Inferred JORC at 0.31%. They have no moly and a small scheelite concession. Based on an ore throuput of 1,300,000 tpa and waste (ore) of 3 via the x ray sorting process you then have saleable WO3 at 350,350 mtu. With the head grades at 0.35%, a recovery rate of 77% and a concentrate production of 5390tpa, assuming a mine payback of 2.3 years we have a PCF multiple of 1.1. The treatment (ie economics) of the ore, based on available figures,then provides a capex of $125m and cash cost of $125 mtu. She is IMO currently not viable without a very large resource upgrade.