Back-of-envelope calculations of the copper value to AW1 is below, with a risk factor (circled in red) which reduces the value of the deposit by 95%. If you think the motherlode has a better than 5% chance of working out, then the below value is conservative. If you think it has a less than 5% chance of working out, then the below value is optimistic. Costs included are mining costs (up to the point of feeding the crusher), electrowinning and smelting. Ore sorting costs and froth float, etc, if needed, are not included, but I expect those costs would be dwarfed by the mining, smelting and electrowinning costs. The below is only for the 4100 deep zone (motherlode) and doesn't include the 4100 shallow zone or any of the other areas (2750, Tempest, West Desert etc). This is not definitive - it's a discussion-starter. Would be keen to hear from practicing metallurgists as to whether the deep deposit is likely to be suitable for ore sorting or is likely to need more intensive crushing and froth flotation etc. Not financial advice, yes I hold, but I'm just doing my best, non-professional effort to get an estimate of potential future value - comments welcome. If I've made a mistake in any figure let me know and I can plug in a corrected value and re-post... collective wisdom will only improve this. I haven't put in a location factor. That's partly because, if you read Australian history, pretty much the entire country was explored and settled by people looking for gold. Kalgoorlie, Telfer (gold), Argyle (diamonds) etc. etc. were all in the middle of nowhere not that long ago. And many would say they still are. Yes, copper is less valuable than gold and diamonds, but even on the 4100 shallow zone we have a lot of copper - enough to pay for vast amounts of infrastructure. IMO it's just a regulation-height hurdle on the way to a very happy place. But make up your own mind of course.
