I don't think so and I don't even know how they got US$8
See table below, prices are taken from their acquisition report. Not sure how much variance vs current and if they were using forward curves for prices or not. But I get the following:
Column 1 Column 2 Column 3 Column 4 Column 5 0 Price Mineral Assemblage at 5% THM 1 Zircon $1,410.00 2% 0.1100% $7.31 2 Rutile $825.00 0.09% 0.0045% 3 Ilmenite $208.00 55.00% 2.7500%
That also assumes 100% recoveries which won't be the case. So I can only assuming they are describing the value of each tonne in-situ?
Ann: Release of Securities from Voluntary Escrow, page-211
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