WR1 General Discussion, page-9713

mate, worst case scenario they just mine that 3mt at Cancet, distribute a dividend, and everyone goes home.

The 3mt deposit at Cancet is ready to go. It's shallow. It's high-grade. It's off a major highway. Metallurgical testwork has been outstanding.

In H2 2025 we should have the permits. Then we need to build a small DMS plant. These are cheap (look at capex for Core or Sigma).

3mt @ say 1.3% with 80% recoveries = 520kt SC6 total production

Let's say AISC is 700 usd/t, and we'll imagine (due to dire economic conditions) SC6 prices have collapsed to an average of 1500 usd/t over LOM.

520kt @ 800 usd/t margin = 416m usd EBITDA / 594m aud

Not too shabby. Even if we have to raise the capex entirely with equity, we should all be in the green.

For my stress testing I tend to use 1900 usd/t, so 520kt @ 1200 usd/t margin = 624m usd EBITDA / 891m aud

Keep in mind Macquarie see SC6 at 4350, 3550 and 2175 in the three years 2027-2029. The average is: 3358 usd/t. Using that figure, we get an EBITDA of 1974m aud.

(All just imo)