Ann: West Arunta Project - Luni MRE, page-285

If you apply CMOCs metrics (10,000tpa) to WA1 we will still come in at 2.2b MC for such a small operation. CMOC ROI is 37% on their niobium, their grade is 1.3%.

Ive used conservative recoveries and grades in the below table for WA1, But with only a 700ktpa plant. Also expect the ROI will be alot better for WA1 because of the higher grade.

	Parameter	Value
1	Plant Size	0.765 mtpa
2	Plant Availability	85%
3	Effective Plant Throughput	650,250 tons
4	Feed Grade (Niobium)	2%
5	Recovery Rate	50%
6	Niobium Content in Ore	13,005 tons
7	Recoverable Niobium	6,502.5 tons
8	Ferroniobium Production (FeNb)	10,004 tons
9	Sale Price per Ton	$40,000
10	Annual Revenue	$400,160,000
11	Net Profit with 37% ROI	$148,059,200
12	NPV (5 years, 10% discount rate)	$530,660,856.45
13	Market Capitalization (P/E = 10)	$1,480,592,000

Converted to AUD:
AUD= $2,220,888,000 MC

Example what CAPEX would be,

Nolans Rare Earths Project (Arafura Resources

Capacity: Approximately 650ktpa

Estimated Construction Cost: Around $680 million AUD

The government funding for Arufura is around $840million total

I believe there will be a supply gap, CBMMs 150kpta is based on 100% availability? I posted a table somewhere, ill see if i can find it, But it had all the metals requiring niobium and their individual CAGR %. Tallying them all up came up to 174kt of niobium needed by 2030 (Thats not taking into account if Nb Batteries kick off). There was a 30-40k shortfall by 2030 if you based CBMMs 150kpta on 85% availability.

Even if we only start off small, WA1 will be worth at least 1.5B to 2B.