Ann: 64% Increase of Mt Carbine Indicated Resources (In-Situ), page-58

We are about to enter the last week of June. Kevin indicated they would start mining this week.

Looking forward to the real game beginning.

For (long time) shareholders this is the point we have been waiting for. Everything up to this point has been the warm up game. The raising of capital, appointment of management team, recruitment and training of locals, building and tinkering with each stage of the processing plant, days and months of working with Government officials and departments, establishing relationships with Cronimet, Masan, Goldings & Nyobolt. It's all been for NOW.

As we have seen, establishing a tungsten mine is not easy. Kevin's and Oli's incremental approach has worked as we haven't overspent (capex $26m), over borrowed ($5m of convertible notes) and haven't over committed the team. This approach is continuing as they ramp up the hard rock mining (not flat out straight away), new crushing plant coming in Dec, doubling the processing plant and then assessing the underground which is several times bigger than the open pit.

The free cashflow should mean the payback period is probably less than 6 months. This will give us (Tony - chief GEO) the cashflow to drill out the full potential of the Mt Carbine deposit (which he has said is multi-generational, 60-100 years). I also expect in a few years, this cashflow will filter very nicely into shareholders pockets in the form of dividends (for a long time).

The Federal Govt last week committed $500m to NAIF(Northern Aust Infrastructure Fund). This is in our wheel house as they are fully aware of Mt Carbine and the economic potential and the global importance of being a leading tungsten producer (critical metal).

Once we get production moving, Australia will quickly become top 3 producer of tungsten and maybe top 2 when King Island gets going. This will be when the Aussie media will start paying attention. Then the economic fundamentals and the production will tell their own story.

Resources - NPV $300m (only accounts for 20% of known resource)
IRR - 477% pa
Capex - $26m
Opex - $104 mtu
Payback - less than 1 year, maybe less than 6 months.
Drilling potential - only 3 of 47 sites drilled


Australian Mining awards - Environmental mine winner

Lets GO!!