Ann: West Arunta Project - Luni Assay Results, page-101

Hi Wurlitch,

Respect your post and you have definitely done your homework. You have placed a valuation on WA1 at around $360m where you sold at $6.
Institutions just paid $10 and it was snapped up. The big mine in Brazil, which from memory is 425mt @ 2.5%. As you are well aware 15% was purchased by China for $USD1.95B or $AUD2.91B back in 2011.

425mt @ 2.5% = 10.625mt niobium (rough calc not including extraction %)
15% x 10.625 = 1.59mt (China's share)

You claim that WA1 should have 60mt @ 2% = 1.2mt niobium

If $AUD 2.91B back in 2011 buys you 1.59mt, which is $AUD 1.83B per 1mt

WA1
$AUD1.83 x 1.2mt = $AUD2.2B

This would place a valuation on WA1's potential 60mt @ 2% at AUD$2.2B or $34. This assumes $0 value to anything under the 2% cut off grade.

That's a far cry from $360m and $6 you sold at. You seem to know your stuff but I'm surprised you got it so wrong.

With the geo political environment, WA1 should be trading at a premium and not a discount. This is the highest grade deposit in the world that China don't control.

This deposit will be fought for.