You can find it on slide 2 of the presentation."For the WO3...

You can find it on slide 2 of the presentation.

"For the WO3 contained in this concentrate, G6M will receive the APT price as published by commodity price reporting agency Fast markets, which is then multiplied by a payability factor of approximately 76%. The published APT price by Fastmarkets as of March 2023 is US$345/mtu of WO3 (A$517/mtu WO3), implying price realisation to G6M of A$392/mtu of WO3 (A$39,200/t WO3) post payability factor"

It compares positively to EQRs realised price. Tungsten is a bit of a calculation to get to a realised price.

I am not sure if you want an explanation but here is my attempt. I AM NOT A MINING PROFESSIONAL. Confirm with your own research.

You start with ore. lets say 1% grade and 100 tonnes of it

You then process that 100t and say lose 20% (80% extracted.) So you have 100*1000kg *.008%= 800kg of PURE tungsten contained in the concentrate. Or 80 MTUs (10kg parcel) of PURE tungsten.

If the concentrate is 50% tungsten (like EQRs, G6M will be 63% (higher payability the higher the grade)) that means you have 160 MTUS of 50% Tungsten.

Tungsten concentrate is priced based on the APT rate (which is normally 86% Tungsten post processing).

In G6Ms example they get paid 76% of the payability of the APT price. So if we were to apply that to this 50% concentrate example we would get.

$520 (AUD price of 1 MTU of APT)

520 x the payability (76%) x the grade of the concentrate (50%) = the price paid for each MTU of concentrate sold. (G6M convert the whole lot to be equivalent of 100% Tungsten MTUs which is fine but I like the price vs cost of a MTU of concentrate as that is what the mine produces and sells)

this example
520*.76*.5=$197.6 aud per MTU of concentrate

for G6M it's
520*.76*.63=$249 aud per MTU of concentrate

EQR is paid around 70% payability I think. So

For EQR it's
520*.7*.5=$182 aud per MTU of concentrate.

These are just back of the napkin calcs. You have other factors like impurities in the concentrate which require additional processing on the industrial end so you will get less for your concentrate depending on how clean it is etc.

GLTA