Ok let's look at some facts from drilling to date. Below ALL...

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.