ajm v taw, page-2

AJM production expected to be 220kt. TAW expected production once second DMS circuit is in place expected to be 200kt.

AJM costs expected to be AUD$315/t. TAW's estimated at $500+ but based on tiny LOM. I expect real costs will be around AUD$400 or less given higher grade and tantalum circuit to provide credits.

AJM have 40Mt JORC. TAW at 25Mt but have a lot of exploration potential left (AJM probably does too)

AJM USD$110m debt. TAW no debt

AJM 100% owned. TAW 50% owned

AJM MC $550m, TAW MC of $180m

Think that covers a lot of the comparisons.