Ann: 2021 Renison Mineral Resource Update, page-4

Ten years at a minimum - there’s over 18mt of resource there above a 0.7% Sn cut off which at current throughput rates (~750ktpa) is circa 25 year mine life.

Couple of things I picked up in the non fuss announcement.

1. they added 2x the depleted tin at 60% of the tonnage - that is they depleted 820kt @ 1.25% Sn for 10kt Sn and replaced it with 500kt @ 3.95% Sn for 20kt Sn. This deposit is getting higher grade the deeper it goes. The economics of this step change in grade will be a complete game changer once the vent is in - despite the fact they have to haul longer distances.

2. This was a annual compliant JORC but they’re clearly doing far more drilling evident by another JORC due before Q4 (not required under JORC reporting) to allow for an updated LOM plan and the rigs currently operating.

3. The current tin price and outlook will influence the next LOM plan - increased throughput? High grading? Post the thermal upgrade scoping study - with the current 25yr resource life (plus rentails) there are many options to value add here.