what have we got?

“Strawman” calculation of ore body at Nabanga and what MET should be worth, for comment.

Data from the MET Feb 6 announcement for the Nabanga Main Lode
Length (L) m, Width(W) m, Grade (G) g/tonne
North Zone:700,125,3.8/2,5.61
Central Zone: 500,125,4.4/2,7.23
South Zone: 1100,125, 4.4/2,6.63

Assumptions
Depth (H) m in Central and South Zones same as for North Zone125 m.
Assuming drill holes are all at 60 deg to the horizontal, widths (W) are half (ie cosine (60 deg)) of the down hole intersections.
Continuity of ore body is assumed.
Density(D) tonne/cubic m =2.65
C=0.035723 Oz per gm (Imperial.)

Using: Ore = L*H*W*G*D*C Oz we get
North Zone 87179 Oz
Central Zone 92924 Oz
South Zone 187468 Oz
Total for the Nabanga Main Lode 367571 Oz

Possible additions to the Nabanga ore body from,
1400 m of strike between N,C and S Zones,
Nabanga North Lode 800 m. and
Strike extensions beyond current 3.6 km strike length.

To put this into some sort of (very rough) value perspective,

At POG= $1700 per Oz with production cost of $1200, we get a value of 500* 367571=$183.8 M. Since there are 171 M shares and options, this is $1.07 per share

Don’t forget the other MET BF sites and its prospects in Aust when assessing MET’s value.

I think I will hang in there and wait for the official resource figure. Also think POG will go higher after the current “correction.”