Looking atMRC quarterly activities report we can calculate...

Looking atMRC quarterly activities report we can calculate 14ktpa revenue. “Product sales revenue was US$4.0 million, representing a total of 10,504 wet metric tonnes sold, compared to prior period revenue of US$10.9 million for 56,926 wet metric tonnes sold.”

4mil/10,504 = 380usd/tonne

380usd = 549.90aud

148ktpa*549.90 = 81,385,200aud

PS this price is without bagging and not processed to final product m. I think MRC is selling some kind of garnet concentrate to GMA. This will get processed and bagged then sold under GMA brand at PG grade product rate which is higher this could be verified by a quick google search since GMA is top garnet producer and marketing for their product is not that opaque.

even at MRC concentrate rate (unfinished and packaged/branded) will generate revenue for 16 year mine life @

81,385,200aud *16 = 1.3 billion

factor in GMA finished product price and this will be much higher and that’s just at 16 year mine life that will increase with MRE upgrade. That will lead to better FS and much better BFS as NPV increases.