WA1's estimated JORC resource, page-7

Now we have preliminary metallurgy results we can do some ball park calculations - at estimated 260mt @ 1.2% Nb2O5, there are approximately 3.12 Mt of Nb2O5 in the deposit (260 Mt * 1.2%).

The metallurgy announcement show a recovery rate of 61% for Nb2O5 at 53% recovery. This means from the 3.12 Mt of Nb2O5, approximately 1.65 Mt (3.12 Mt * 53%) could theoretically be recovered.

End product is ferroniobium concentrate - from what I can see its usually 65% Nb. That assumes 1.65mt / 0.65 = 2.54mt of ferroniobium concentrate (is this right? please correct me if I am wrong)

ferroniobium is currently U$45/kg or roughly A$67/kg, an assumed end product of 2,540,000 tonnes of ferroniobium implies an in ground value of AU$170b (assuming PETE's estimated 260mt @ 1.2% Nb2O5). Of course this value ignores the capex/production/processing/transport and labour costs at this stage. Regardless, this is an easy hold for me.