Ann: More High-Grade Nickel-Cobalt Assay Results From Itapitanga, page-122

Just doing some very rough back of the envelope calculations here so don't shoot me down too hard, but good for opening discussion.

If the southern zone hits more nickel and cobalt, I calculate some conservative tonnes as follows.

Total strike is 5.5km long x 500m wide. Our mate OldGeo states that 30-40m deep is the likely paydirt so lets assume the following:

Conservatively:

4000m long x 350m wide x 30m deep x SG of 2.8 =

117,600,000 tonnes of pay dirt.

At 1% Nickel and 0.1% cobalt that's:

1,176,000 tonnes of contained Nickel and 117,600 tonnes of contained Cobalt:

Assume 80% recoveries:

We are talking about 940,800 tonnes of recoverable Nickel and 94,080 recoverable tonnes of Cobalt.

Nickel price per tonne = $13,200 USD
Cobalt price per tonne = $90,000 USD

Potential recoverable revenue =

940,800x $13,200 /0.75 AUD + 94,080 x 90,000 / 0.75 AUD

=16.5b Nickel + 12.5b Cobalt

= 29b LOM revenue in AUD.....

Investing is all about risk v reward, sure there is plenty more to do, but all holes are basically ending in mineralisation so far, and basically hitting all over the potential strike...

Sure Capex and costs need to come out, but i tell you what, there is plenty of fat into those numbers....

CTM is currently 27m MC or about 55m FD

$29b of potential LOM revenue... vs 27m MC....​

You can see why I have been buying.