Ann: Mt Carbine Presentation, page-3

Yes, and other key phrases/comments;

1) "ridiculously cheap capex " - Kevins reference to the net/ave 3% cost of capital after factoring the interest free component
2) " very de-risked Brownfields project" - this is a point I have emphasised on many occassions which makes it a particularly unique project in comparison to its peers - King Island Scheelite (G6M) Dolphin project comes to mind immediately
3) Australia's first and only tungsten producer - been producing for more than 18 mths - we all KNOW this but some conveniently forget so worth reiterating
4) "80 % recovery rate" and "0.83% grade" - " we can continue processing tungsten no matter what the price" - these are snippets that reflect a great production line process and a very insulated, low opex cost

5) "producing tungsten for the next 25 years" - this should dispel any of those concerns about Life of Mine
6) "April 47 tonnes of concentrate, May to be similar and then increasing after that" - coming out of wet season, extra power supply, extra machinery and XRT all on site and virtually integrated into the processing plant - once humming, it will ramp up


All of this, and we are still only talking about 14.4% of the known mineralisation......

Still to come;

Recast of the existing BFS will result in a crazy IRR, maybe an NPV getting up towards doubling
Scoping study and inclusion of West Dyke into underground
Iron Duke

Very exciting time