You forgot to allow for the Garnet deposits on the tenement. The low hanging fruit that could ultimately cover all the Metals production costs plus some profit. Say a 10mill tonne deposit of contained Garnet. Garnet is a highly sought after Industrial Mineral. The biggest deposit in Australia is a Port Gregory and it ranks in the top 5 deposits globally. They recover the garnets from the beach sands and are a world leader in the quality stakes.
Litchfield may well have the largest deposit away from Australian coast lines. No doubt Litchfield will look to measure out a resource sooner than later. Certain types of Garnets contain high grade Heavy Rare Earth Minerals. Think about that, check it out on google.
In 2021, the average unit value of garnet imports was $325 per ton, an increase of 30% compared with the average unit value in 2020. All in US dollars. Wholesalers in Australia flog 1 tonne bulka bags for anywhere between $800-$1200.Simple operation from start to finish.
Hint: Have a good look at the Assay spreadsheet LMS included in a very recent announcement. You will see some very interesting HREE and MREE numbers there. I have been involved in a monster Heavy sands project on the QLD Palmer River embankments and Paleo channel, where 40% of the Heavy sands are Garnet. Those heavy sands contain high grade Nd/Pr/Ce/La/Gd. An alluvial mining scenario. The Oonagalabi tenement is loaded with Alluvial Almadine Garnet in and out of the Creeks/Rivers on the embankments and the old paleo channels.
There is a good chance Oonagalabi could also have a very large Rare Earth Resource.
Cheers
HR
No advice given or intended, it's up to you how you invest, DYOR and Caveat Emptor. The above post in just my opinion on what I see being possible.
LMS Price at posting:
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