Ann: Binding offtake and funding agreement, page-231

Thought I would chime in again and say John Downs 'Mr Ceasium Formate Brine' is watching these threads, but hasn't appears to response as yet. He did like one of my posts referencing him, so he is alive... and perhaps excited to see some more caesium entering the market. Manfromgelo is his ticker for anyone that wants a history lesson on Ceasium Brine. I have cut/past a few of his posts from 2016;

"If there are commercial quantities of good quality pollucite ore in the Dome then I am fairly certain that one or another of the big cesium users will want to access it. Remember that drilling a single deep gas well can require something like 600 metric tonnes of cesium formate brine containing up to 80% cesium formate, and losses can be 20% per well . The volumes required for drilling deepwater wells are even larger. The current supplies of cesium for drilling applications are limited and there is a significant demand for new high-grade pollucite resources to replace losses. For anyone wanting to know more about the importance of cesium (formate) to the oil industry just download the publications available on the home page of my website at www.formatebrine.com. The website also has links to the 30 + papers I have written on the subject of cesium formate brine over the past 25 years."

"Cesium and cesium formate has been my life since 1991, and I am probably the world's leading expert on the use of cesium formate by the oil industry. There have been no new discoveries of high-grade pollucite for half a century , and we urgently new sources to keep up with demand. I am hoping that the stampede for lithium in Australia will uncover more seams of pollucite over the coming years. Keep exploring those pegmatites ! "

"So far Cabot have generated US $ 953 million of revenues from selling/leasing cesium formate brine produced from pollucite mined at their Tanco site. Revenue data obtained from Cabot annual reports 1998-2016.   If the original pollucite resource in Tanco  (Stilling, 1998 estimate) was around 200,000 cubic metres (one large body at 170,000 cubic metres and 2 "Blebs" at 15,000 cubic metres each) then the value extracted from that pollucite ore body to date has been around US$ 4,765 per cubic metre of pollucite originally in place. "

Grade is around 24% at Tanco per Wikipedia, losses are about 20% per well drilled.

So US$953m / 200,000/m3 of 24% material and density of 2.2m3/tonne for 105,600t of pure caesium.

Cabots historically have been making US$9,024/tonne for pure caesium brine using their own records.

Given our material is 17% grade and having a JORC of 10,500t, we can use the above ($9,024t/.17) for US$1,534/t of out 17% material in ground.

Apply 10,500t and we have US$16.1m of material in ground, using historic Cabots data between 1998 and 2016. Apply a 0.74% Currency factor and we have AUD$21.76m of caesium material.

Given mining costs will be US$4.8M or thereabouts, we should have Gross proceeds of AUD$21.76 - AUD$6.49 (US4.8m) = AUD$15.27m net. PIO also have considerable tax loss offsets, so profit should be a fairly significant portion of this I suspect.

Side Note: Take ~30% out of the above for Cabots profit and overheads on the revenues derived (brine used 5x)

Side Note: Maybe add +30% for current pricing, as the records above were averaged between 1998 and 2016.

Same-Same.