Ann: Investor Presentation, page-132

@kevin103
"Cancet 10mt @ aud$8000 /t, margins half that = 10mt x aud$4000 /t = $40bn cash"

Love your work bro but that's not really how it works.

- (resource size * grade * recovery) = total SC6 recoverable
- (plant throughput * grade * recovery) = annual SC6 production
- (total SC6 recoverable / annual production) = LOM
- then need to model future SC6 prices to determine potential EBITDA

So, with Cancet, let's say 10mt @ 0.013 and 0.85 recovery = 1842 kt SC6 total
Lets say they build a 2Mtpa DMS plant, use the same calculation and that's 368ktpa SC6
1842 / 368 = 5yr LOM

High grade resources with great recovery = higher production rate. Cancet is potentially awesome in this regard. Consider Atlantic (A11) which imo has an excellent project. Their PFS planned a 2Mtpa DMS plant, but 0.0122 head grade and 0.625 recovery. That's 255ktpa. They will probably do 3Mtpa / 380ktpa in the upcoming DFS. Or Sigma (SGML), another fantastic DMS-only operation with ridiculous project economics, but recoveries are even lower (especially in later stages.)

Anyway, back to Cancet. Let's model this operation, ramping up from Q2 2026, and finishing off in 2031. (Remember, won't be permitted until mid-2025 unless govt relaxes regulations.) I'll use RK Equity's SC6 price forecasting, which imo is the most bullish (alongside Macquarie.)



So 10mt at Cancet = 7bn aud EBITDA. Less tax etc.