Ann: Scoping Study - Port Gregory Garnet Project, page-29

No need for that, 2ic is no fool and he has given everyone his view and that’s okay.

2ic,
I believe there are two interesting aspects that are worth mentioning.

1. GMA offtake with Mineral Commodities (MRC).
Tormin has provided a huge amount of feed to the world market for 7 years, but is there a question mark on that moving forward?

This from the last quarterly.

GMA appear to have brought forward and exceeded the offtake agreeement and it’s only 6 months in. (Jan-dec).

Now there could be a few reasons
1. They needed it due to shortages.
2. They may not take anymore for the year.
or
3. They grabbed it now to keep MRC tormin operating and (solvent) also buy them some time to get it together.



R/C is ugly.


2. Question marks on GMA’s Port Gregory.

Much of their current mining is within very high grade areas, but many are convinced those days are well past. Are they set up for lower grade, how much of a drop off will there be on production and do they have enough land and will it be profitable?

Cheers