cxo, page-37

using the parameters in today’s notes of US$744/t and 0.65 exchange rate, and assuming the grants numbers haven’t changed, I estimate this might value Grants at NPV of about $130mil. Add $85mil for BP33 and say $30mil for lithium fines, that would give us an NPV of $245mil.

In saying that though, I feel their parameters are a little bullish. I would prefer to see US$670/t and 0.70 exchange rate. Using these numbers I estimate an NPV for grants BP33 and fines of about $180mil. All estimates based on my own guess work. Could be way out.

But yes, in order to cover Carltons capital costs, more tonnes will need to be proven up in higher confidence categories. Management have said that a simple infill program will do a lot to convert the inferred resource to a higher confidence category. I wouldn’t be surprised if they start on this soon, as I wouldn’t be surprised if we don’t see an updated DFS until after Carltons infill program.

Should Cxo increase Carltons measured and indicated category to 80% (like BP33), I estimate an NPV of $250mil is achievable.

all 100% guesswork and IMO

GLTAH