Ann: 23.8 Million Ounces of Indium Defined at West Desert, page-52

Just getting my head around the updated resource valuation for the multi-metal West Desert deposit.

• Significant world class indium grades from West Desert deposit being reported, I get 22 g/t Indium based on back-calculation.
• Value of Indium at AUD $258 million based on 85% recovery and metal price of $12.79 per ounce. Searching on the internet for a reliable Indium price is challenging!!!
• Gold resource adds up to 119,000 ounces Au, worth AUD $300 million
• At least AUD $558 million of value added to the project for both Gold and Indium when they are recovered.
• All metals within the resource, after an 85% recovery adjustment have a combined valuation of AUD $5.4 billion.
• Interestingly, gold accounts for 6% of the resource value, copper is 10%, silver is 5%, indium is 5% and zinc represents 75% of the projects value!!!

Definitely, should add value to the share price!!!!!

Table 1: Tonnes, Grade (back calculated, Quantity of metals (ounces, tonnes)


Table 2: Assumed metal recoveries and metal pricing (13th Dec 2023)


Table 3: Value of recovered metals (Australian dollars), Percent of value per metal