Ann: Coburn DFS Delivers Strong Financial Returns, page-14

Actually I will, though I can't believe because it's too detailed, god I hope not. Reality is more likely few on HC are prepared to test companies releases or their own beliefs against facts. I'd get it if this was footy, die-hard supporters hear no evil, but surely investing is a business of analysing other businesses? One thing I heard from a resource CEO that always stuck with me was "keep bullshitting until the bullshit becomes reality". He wasn't being facetious either. It reflects the mindset of juniors who feel they have to guild the lily to get/keep market traction and shareholder value. I choose to take every release with a pinch of salt and look for reality amongst the spin. It can make for a lonely journey on HC no question.

Just for giggles, while I wait to see if Mr Graham calls me back, I'll simplify the detail for Firezone.

DFS LOM prices.



DFS definition of "premium zircon in concentrate" and "zircon in concentrate" VHM composition

If a premium, clean, 66% ZrO2 con is worth $1480/t then a 28% ZrO2 con cannot be worth more than 28/66, or 42%, of the premium 66% ZrO2 con (ie 42% of $1480 = $628/t).

If a premium, clean, 90% TiO2 HiTi con is worth $1014/t then 11% TiO2 in a con cannot be worth more than 11/90, or 12%, of the premium 90% TiO2 HiTi con is worth, assuming every bit of TiO2 is HiTi90 leucoxene (ie 12% of $1014 = $124/t).

Add the two VHM (valuable heavy mineral) components in the "zircon in concentrate" and we get US$752/t, yet the LOM zircon in concentrate has been modelled as worth US$871/t ? That's before considering the question of how much discount a dirty con should attract from the sum of it's parts.

Actually, forget it, this is way too detailed, and I can hear the cognitive dissonance from here.