Ann: Scandium and PGM resources, Black Range, page-31

Scandium metal at US $15 a gram at the start of the year and oxide moves between $4 amen $8 US a kilo.

Some minerals don’t have a running price like oil for example does- refer to my post taking $3.50 a gram as a safe side calculation and we get about $1.5 billion as our result.

That was based on oxide, obviously.

$1.5 billion + will go a long way to offset the cost of extraction, but it needs extracting itself so we really will see, I hope, a steady march towards covering much of the costs ourselves & as we advance as far as capital returns from that extraction to keep expanding our extraction machinery etc- but do realise that at some point in the initial stage we may well need to invite some more investment aboard. ( that I do not know but it is a fairly common path for many mines ).

Remember- the mountain of nickel and cobalt is what we’re really aiming at.

My rough as guts calculations at the start of the year put our resource at about $100 billion, but that was when cobalt was 10% or more lower than it is now and nickel of course is tracking well too.

I don’t think I had the Scandium in that calculation but very, very safe to say we’re sittijg on over $100 billion of minerals.