Ann: West Arunta Project - Luni MRE, page-74

Just concentrating on the high grade ore as I'm pretty sure that's what we will be mining first for most of the first few years, we have about 1.1 million tonnes of Niobium. At a 55% recovery that's over 600,000 tonnes of saleable Niobium at 20,000 t/yr for 30 years or $US900,000,000/yr in revenue.

The above, run from a 1.75Mt/yr plant. It's not a massive plant to achieve a high rate of production and a very long mine life.

It means options galore, especially because our resource has relatively low thorium compared to Araxa!!

The 8.8% P2O5 refers to the entire lower grade resource so would expect higher percentage in the high grade section. It just adds dollars of revenue to every tonne mined..

It's an inferred resource, no surprises there as the 200m spacing on a lot of it guaranteed it IMHO. Yes they could have sanctioned off a small area to indicated where they did the 100m spacing, but it would only be a small part of the overall resource, so much better this way.

As expected they used ordinary kriging so expect MRE updates to both increase ore body size AND grade over time.

The initial Mets were done on ~4% grade mineralisation, so next set of Mets will be interesting to see the grade used as that will determine the types of grade we should expect to be mined in initial years.

Not sure how they can have 200M tonnes of ore at 1% grade and not get 2M tonnes of Niobium from that simple calculation.

Interesting cut-off grade of 0.25% which is around the grade of most wanabees...

Time to start working with CBMM around how big a plant we can build without starting a price war. They will easily have the best handle on demand growth going forward...