Ann: Mt Carbine Mineralisation Update , page-2

this announcement doesn't really change my own estimate on value for Mt Carbine, which is ~AU$59M.
the way i see it there's about 20MT likely to be mineable in a useful timeframe.

based on the preliminary grade/tonneage curve delivered via geostat..
I could see the first 5 years production at 1MT per year at ~0.3% WO3.
then say 8 more years at 2MT per year at ~0.2% WO3.
this gives the 59M npv (my estimate)
35% IRR, using GCR presentation assumtions and ranges.

I don't see how heaps bigger tonnes at <0.09% WO3 grade is feasible,unless WO3 prices go up an awful lot.IMO.

the visual estimates are how RB did it back then.
III has said it wants to infill and reclassify using best modern practices, i.e. pre-feas. etc.

we still need to hear the outcome of negotiations.
coupled with the scoping study, both due end july.