Ann: Port Gregory Maiden JORC Mineral Resource Exceeds Target, page-131

Good article but did not address a few pertinent points, and cannot be faulted as scoping studies are not completed yet:

- Low impurities content as specified in one of the JORC announcements possibly mean that roasting is not required, and that has a positive influence on opex.
- Working back the earnings in the Far east note seem to imply that a conservative grade of 2% has been adopted but not stated, however JORC indicated THM grade of 3.8% with 90% being garnet.
- NPV for sales of all THM products derived from a 600 tph plant has not been stated, but rough estimates range between $200M to $300M (assuming mine grade bottoms at 2% but can go up to 3%) assuming 10% discount rate and $60M capex. This makes the current market cap stupidly cheap. Calcs below so happy to be corrected.
- At full production, the plant will produce between 10% to 16% of annual world demand for approx. 17 years LoM (based just on indicated resource and disregarding the inferred portion). There is definitely room to accommodate HVY's supply if GMA grade do drop.



All IMO simplistically and please DYOR.