Ann: Jupiter Continues to Deliver with Record NdPr over 5,000 ppm, page-36

Ok let's look at some facts from drilling to date. Below ALL drill holes reported from Table two in this announcement.

Average depth: 32 m, average interval: 25 m. Average strip ratio = 1.27 best case. Assume AUD $3.50/t free dig clay mining cost (IXR, Aclara studies), mining cost over LOM per tonne ore = $7.95.

Now the interesting part.. average TREO grade = 1455 ppm. For comparison, another well located WA explorer, OD6 has a JORC of only slightly lower at 1308 ppm TREO for 344 Mt. Their market cap is a whopping $5.3m.

At current SMM REO prices, value in ground for the average Stage 1 resource definition drilling is $24.2 AUD/t ore assuming they stop at MREC and get 80% payability on 99.9% benchmark pricing. $16.20 AUD/t ore in margin remaining after mining. And this margin assumes 100% recovery in met.

@2ic interested in your thoughts as well.