Ann: Coburn Mineral Sands Project Zircon Concentrate Price, page-4

Sure it looks low but I'm no engineer up to date with costings etc. I can see why ultra low slime, running sands will process quickly and cheaply to achieve the high throughput two dozer trap units require to meet the 24Mtpa required of the DFS.

The question Mr Market are or should be asking is "are all DFS the variables, inputs and outputs realistic and low-risk achievable?". I may have to chase up some old min sand mates who understand the costs etc to see if what STA have put up looks feasible and likely to come in as forecast. That goes especially for the new, ultra high recoveries recently released to market. A big jump from previous met work and the biggest risk I can see is translating these recoveries from the lab using 'new technology' and into a 24Mtpa operation. Chalk and cheese to say the least.

I think revenue to opex cost ratio is one of the key metrics to consider. That pretty much sums up where a project sits on the cost curve, and therefore how likely it is to be profitable throughout a VHM price cycle. 2.2:1 is pretty outstanding given that VHM pricing looks fair to my mind. All the products look highly desirable, 62% TiO2 Ilm perfect for SR upgrading and cream of the Ilm crop, HiTi90 better than typical HiTi88, Zr looks good size and quality to. However, a lot to digest obviously and with that very low head grade it doesn't take much change to recovery assumptions and the revenue to cost ratio comes crashing back to earth.

Certainly Coburn is in the running for funding and development, more than most expected 6 months ago.

Cheers