Figures

5 Dec 2019 announcement

Testwork in the coming weeks will also trial the potential of the new HPA process to extract Alumina from the waste fraction (~70%of mined volumes) that is generated at the concentrate stage of the process. The grade of Al in the ROM material is 12.7% Al2O3, the magnetic concentrates (30% of mined volumes) typically grade ~7%Al2O3, and the non-magnetic waste fraction (70% of the minedvolumes) grades 15-16% Al2O3.

The waste fraction is expected to be largely devoid of the Iron, Titanium and Vanadium that are acid consuming in the leaching process. This further process modification may provide the added advantage for asmaller scale start-up SMM project and its future scalability of V, Ti and Feproduction in proportion to prices and demand.

I am no geologist, engineer or accountant, but if you are? Please look at the figures and let me know if you concur or correct them.

1mtpa. waste fraction NON MAGNETIC like alumina (~70% ofmined volumes) 700,000 tonnes

Typically grade ~15.5% Al2O3, 108,500 tonnes

Recovery/refinement which would leave 108,500 x 30% = 32,550tonnes HPA

The magnetic concentrates MAGNETIC through purification(30% of mined volumes) 300,000 tonnes

Typically grade ~7% Al2O3, 21,000 tonnes

Recovery/refinement which would leave 21,000 x 30% = 6,300tonnes HPA

Close to 39,000tonnes HPA going by above figures. Do not forget also that the other by-product commodities extracted from magnetic fraction (V, Ti, Mg, Fe) may even prove to largely pay for the operating costs of extracting the HPA. Below are links for people to work out prices. If anyone can find a link for magnesium prices please post as I cannot find them unless I subscribe to a site.

There are 2204lbs in 1 tonne

Vanadium:

https://www.vanadiumprice.com/

1USD = 1.46217 AUD

Titanium:

http://www.sunsirs.com/uk/prodetail-645.html

1 Chinese yuan ren (CNY) = 0.207831 AUD

Fe:

https://www.marketindex.com.au/iron-ore

1 USD = 1.46217 AU

https://www.xe.com/ TheWorld's Trusted Currency Authority

Nothing much else to comment about, as the SP will most probably stay in its sideways momentum until the PFS is released MARCH 2020 unless something considerable is released beforehand to change the direction of the SP.

My comments/posts are based completely on my own experience thoughts and interpretation along with my current financial position at the time.Conduct your own due diligence, consult a licensed financial advisor or broker before making any and all investment decisions. As usual all constructive criticism welcomed.Good luck to all that hold.