Ann: Investor Presentation - March 2021, page-64

It's a bit confusing but ...

1/ The resource is so large that producing 365,000 tonnes per annum (as stated in the PFS) could see Butcherbird still in production in 200 years time.

However, it would be quite ridiculous to prepare a PFS based on 200 years so the company chose 42 years to derive at their NPV and IRR numbers

As such, 40 years divided by 200 years, means only 20% of the known reserve has been included in that study

2/ This changes anyway, because after issuing the PFS, we are now hearing about stage 2 expansion and then stage 3 expansion
So instead of 365,000 tpa, it will go to 700k tpa and then more

3/ Also note that the company stopped drilling this deposit out because well, how big do you really need it to be?
But it remains open in all directions so it's potentially even larger then reported

You can also get excited about the Coodamudgie deposit to the north
I'd say that the company is assessing this behind the scenes

I would also predict that once we are in production (coming days), the companies focus will shift aggressively to the Mn battery potential of Butcherbird

4/ Also, in other news, over AUD$2 million shares traded across the various German exchanges Friday evening (750,000 shares as high as $2.75 equiv.)