Ann: Quarterly Activities Report, page-28

During the quarter the Company made further changes to the process circuit and completed processing available stockpiles under the Level 1 permit which provides that up to 1,000m3 or circa 2,500 tonnes be treated per annum. During the quarter the Company processed approximately 1,440 tonnes of reclaimed tailings and recycled trommel scats to produce pre‐concentrate (approx. 32%Sn) plus a quantity of middlings for further grinding/processing. Pre‐concentrate and middlings material is being dressed to final grade specifications during January 2018.

based on this, and may be wrong, but if the company last qtr processed 1440 tonnes @ 32% = 460 tonnes for further processing for the last time we check was 68% -73% recovery for tin concentrate yes ?

this would then mean 460*68% = 313 tonnes of tin sitting there. = $6,260,000 USD (at tin price of 20K usd... 6.26 million x 0.68% (as is our grade lower end of recovery) = $4,256,800USD. - Lift costs (which we don't have for stage 1)..... so lets say 50% to be overly cautious.... $2,636,213 AUD just sitting there for this quarter ?