Some basic numbers, approximates only. proposed 5% of sale price...

Some basic numbers, approximates only.

proposed 5% of sale price for crushed and 7.5% for 62%Fe beneficated ore.

Aim is to operate at 2.4Mtpa

using only the 5% on 2.4Mtpa and using the 62% Fe price of approx USD$92 (approximate current prices) gives us a possible revenue of USD$11Mpa upwards in the longer term.

With Gold Valley responsible for providing feed and paying for processing costs including salaries its looking like a very nice deal.

Will be very interesting to see what the SP does when quotation resumes. Current market cap $15M with potential revenue of USD$11M = AUD$15M. Dilution ahead and bonus shares but still some nice numbers.

Just back of envelope stuff but it’s not a bad look at all.