Ann: Mining Licence Granted for Tombador Project, page-21

Their grade is unreal. I just did some homework and FMG's ave grade is 30%. Their market cap is $70 billion, their production is 90 million tonnes per annum.

Chart below comparing production to market cap ratio .... so Tombador based on 1.3 million tonnes production has a current market cap of $130 per tonne. FEX a similar tonnage is about the same however their grade is nowhere near as good and their sales are sub the 65% price.... I think they use the 62% price. CIA is in between expanding so hence the two figures however as you can see everyone is way below FMG which is commanding a huge premium unless my number are wrong, if so correct me.

	ASX Code	Market Cap (MC) $'s	Annual Production tonnes	Ratio: $'s MC/tonnes produced $'s
1	Ti1	169 million	1.3 million	130
2	FMG	70 billion	90 million	744
3	CIA	3.6 billion	7.5 million now to 15 million 2022	480 or 240 (2022 production)
4	FEX	161 million	1.25 million	129