Source: http://www.atlasiron.com.au/site/PDF/8202_1/ResearchNoteEuroz31August2017 Refer to Page 13: Lithium Altura Mining Royalty Atlas holds a 5% gross revenue royalty over M45/1231 which forms part of Altura Mining (ASX:AJM) fully permitted Pilgangoora Lithium Project. The project ore reserves are 30mt and are understood to lie approximately equally across M45/1231 and M45/1230. Altura Mining completed a DFS in Sep 2016, secured US$110m nance facility in July 2017, and expect to ship 1st concentrate sales in Q1 2018. The DFS forecast revenue of ~A$160mpa, assuming US$539/t for 6% Li2O spodumene concentrate. Spodumene concentrate prices have since escalated to in excess of US$800/t CFR China. DSO Logistics Atlas and Pilbara Minerals (ASXLS) have entered into an MoU whereby Atlas will provide logistics services to Pilbara Minerals to export DSO Li ore from its Pilgangoora Lithium Project which is currently also in development. Atlas would leverage its existing capability in haulage, crushing/screening and port services. PLS had indicated it intended to export up to 1.9mt of DSO from July 2017 subject to an o take agreement. Clearly, the timetable has slipped however we understand this opportunity remains alive. Lithium Mineral Rights PLS has acquired a 51% interest in E45/4270 (aka Cisco Prospect) from Atlas. PLS may increase this to 70% by spending $1m on exploration within 12 months. It may then earn a further 10% by carrying Atlas to completion of a DFS and progress the project to a decision to mine. Atlas will retain a 20% interest. Atlas has retained 100% of E45/4517, also prospective for Lithium, known as the Pancho Prospect. Atlas will explore for shallow ore suited to rapid DSO development.
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