Thought I would summaries observations from the presentation...

Thought I would summaries observations from the presentation this morning.
- Project de-risked, low payable of capital 1.5 years
- fully funded.
- No interest rate risk
- Offtaker wanting at least $400m of product.
- The BFS only includes 18% of the known resource equating to NPV $210m and IRR of 345%.
- Regal royalty deal (after extensive due diligence from regal) requires at $333m of product produced before they get any profit. There is another $10m deal on the table from them if we wish.
- Most of the kit is in place and operating. Continual tweaking and learning in this phase will be invaluable for the hard rock mining. Others have to go through this process.
- Kevin emphasised the recoveries are at 80%. This is KEY. Most other projects fail at this point (CNQ, Wolf, other Spanish). They may have the deposit but unless you can get the recoveries, they don't survive.
- The drilling program will increase the resource and the mine life. They are very clear on their target zones from previous drilling and geo-mapping in recent years. Tony and Kevin seem pretty confident in the expansion of the deposit through this drilling program. Tony expects it to double the hard rock mining life.
- Kevin is keen to check the underground which has resource but not added to BFS yet.
- The ore body seems to be open in most directions and continuing at depth. I remember Andy White saying the Iron Duke is a few km long and they have only put a few holes in it so far.
- They have been looking at other deposits in the region and other company ore bodies (maybe Watershed).
- They restated multi-generational potential.
- Expecting APT price to rise as lack of other supply coming on stream and increased demand (defence is likely to be a large increase).
- If APT price falls, they can cover it by mining higher grade areas. Tony said up to 1%.