Savannah North has an NPV of $80M at $6 per pound (v's current spot price ~$4). Assuming E80/4834 has a similar size resource then potentially the value of that tenement to THX is 1/5 of that. Alot of water has to pass under the bridge before (a) Nickel recovers to that level (highly likely it will in 2-3 years) and (b) PAN extends their exploration west into the JV tenement (as above already making plans).
Real sleeper for THX. Recovery in iron ore price will be linked closely to a recovery in nickel prices.
when can we expect Red bore results, page-12
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