$10 mulga monster club, page-68

Totally agree with you, apologies, on paper with that fact alone it's no Mount Keith

But at this point it's way too soon to start talking about having an MRE. WMG isn't even funded to think about that, it's still in early exploration phase and will need it's luck to find more and scale up chances and market cap before what might be a $10m raise at $80-100m market cap (frivolous guesstimate but in the order of magnitude that would make sense).

The other keys here, of 0.33% vs 0.6% is a) metallurgy and b) carbon sink

The carbon sink feature is a pretty unique and valuable attribution that will have driven some of the performance. That ability is a known fact and will need more analysis but significant enough with the current qualitative view

The a) point on metallurgy is where the other half of the gamble is. To a degree, 0.3% here could feasibly yield 0.2% or more if the geology and flow sheet allows. Mount Keith, for example, averaged 60% recovery in the first 5 years... 0.36% equivalent

So that's why at this point my interests are...

• How big an area is this low grade
• How does it behave going deeper
• Can we locate the high grade sources
• What recovery rates are feasible
• How much carbon could this sequester

With that the market cap grows, the ability to raise with smaller dilution becomes real, then you start Swiss cheese drilling to drive any progress into an MRE. Apologies for the bluntness prior, but I believe the above is the strategy to take, and therefore the presence / comparison / need of an MRE is 12 months away. But Poseidon and chalice show the nickel player case studies.... It can go 2x to 100x, just depends on our luck