Cate, Shines,Some more comparisons with the first feasibility...

Cate, Shines,

Some more comparisons with the first feasibility study by Capricorn for Karlawinda.

Both are showing a 2.5 – 3 year payback period

CMM reported an NPV of A$144m versus A$392m for Minyari, but our NPV assumes PoG at USD1,750, whereas Capricorn used under USD1,200, so their NPV turned out to be understated.

Their capex is almost A$100m lower than ours and their AISC was A$1,025 versus our A$1,475

So their capex and opex is lower. My impression is that a greater proportion of their mining is shallow open cast whereas we have to go underground at a certain point pushing costs up

And we did not get a headline grabbing AISC as it seems to be expensive to get the copper and cobalt out.

But we need those by-product credits. It is hard to believe that the Aussie mining industry will not get those metals out, as the grades seemed decent. Any techies here that could shed some light on this?

Our BoD clearly believes that there are a lot more resources at Minyari so given another 1m+ ozs, and a better and more economical design for extracting the by-products, we should see much improved metrics.

At least that is the hope from where I am sitting