Ann: ABx project awarded Modern Manufacturing grant, page-8

From the announcement above: "Alcore’s longer term plan is to expand the plant by 15 times, which will process all of
Australia’s aluminium smelter bath, and supply more than 80% of Australia’s aluminium fluoride requirements."

ABX has previously stated that they estimate the cost price of producing aluminium fluoride to be around $800/tonne. It will be significantly less than that if they use aluminium smelter bath (waste dross) as a feedstock.

The current sell price is around USD$1800 per tonne. At an exchange rate of 72c, that's AUD$2,500 per tonne. So the profit per tonne to Alcore is currently $1700. But the price is currently quite high and the AUD is a bit low, so let's be conservative and estimate the profit per tonne to Alcore is $1200.

If Alcore can supply the 30,000 tonnes of aluminium fluoride required annually by the 4 Australian smelters, they will make a profit of around $36m per annum (30,000 tonnes x $1200 profit per per tonne).

It will no doubt take a few years to scale up but the current market cap is $40m, and as I estimated a few weeks ago, I believe Alcore is valued at virtually Nil as the share price has recently been driven up by rare earth announcements alone. Looks like Alcore will soon be fighting the rare earths team for some love from investors!