research report out-mt bevan re-rating soon, page-62

I guess they left for the moment the Eastern BIF as the current target of 2.3b tonnes of magnetite and a potential discovery of DSO should make Mt Bevan a very appealing project.

If you compare with GBG's Karara magnetite project, they got JORC resource of 2.5Bt @ 34% Fe and they are able to produce 1 billion tonnes of premium quality magnetite concentrate grading 68-69%Fe (+30Mtpa magnetite concentrate for +30 year)

GBG structure is with JV partner : Gindalbie (50%) and Ansteel (50%).

GBG market cap = 672M

HAW/LCY magnetite is very similar to GBG as DTR results showed that they could make a premium quality Concentrate with excellent weight recovery and a low silica content.

Cheers,