Ann: Acquisition of SCP Resource Finance, page-16

There’s 100kt of copper at A4 and 73kt of copper at A1. This excludes the silver and as we know these resources are growing by the day.

173kt x US$10,000/t x 2% royalty is US$35m or A$55m.

Again it excludes the silver but also doesn’t factor in recoveries, payabilities, time value of money etc.

But there’s A$55m base line and we know these two deposits are growing (MRE upgrades coming soon) and there’s a massive land package on which to explore (at Sandfires cost). We haven’t even touch on future copper prices. If you don’t think the royalty is worth A$60m+ and the company has significantly sold its shareholders short by giving SCP over half the company for sweet FA.. I don’t know what to say..