Ann: Mt Webber Deposit Scoping Study Outcomes , page-3

re: Ann: HAO: Mt Webber Deposit Scoping Study... Note that GIR think that they can double this deposit - which means that the NPV will more than double.

Better still, this is small fry compared what it going to happen at McPhee Creek

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Findings from independent Scoping Study on development options for Mt Webber DSO iron ore deposit at the Daltons JV delivered by consultants ProMet Engineers;

o Base Case of 2Mtpa fully owner-operated mining and road haulage to Port Hedland

o NPV(10%) of A$170 million, IRR of 53.9%

o Operating costs A$42.12/ tonne, (A$47.80/ tonne for lease/contract alternative)

o Capital Costs A$115 million, (A$49.5 million for lease/contract alternative)

o Dry, low alumina ore, >50% lump, waste to ore ratio 0.03:1