Ann: Company Presentation, page-9

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    So for stage 1 capex $360m we get

    184ktpa zircon/titanium HMC. Strandline are making $1000 per ton zircon/titanium HMC so 184ktpa = $184m revenue

    10ktpa REMC.

    if we say the REMC price is about $5000/ton then that is another $50m revenue.

    So ballpark $230m revenue for stage 1.




 
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