Ann: TMT - Spark Plus Investor Presentation September 2021, page-3

you watch and wait for the high grade iron ore to come back with a vengeance in the new year in China just like thermal coal.

China cannot live without the aussie minerals.

I can see Ians thinking in the new strategy which I support but the Yarra bubba Iron vanadium strategy still supreme to the new strategy.

The below is a snapshot at todays prices and all trucking costs have been included.



When vanadium returns to $9 the new strategy for the June 2022 DFS is better in the long run. And Ian provided Medium term guidance of $12 which the below graphs is using.



The original GVP strategy falls behind on every metric from the northern pit.

New Strategy is using = $400 million capex. (Blue)

Original Yarra = Stage 1 $160 (Orange) Stage 2 $240 (Orange) Stage 2 not factored as it was after the first 9 years.

Green = Original GVP using $400 million capex. (Green)

The above is based on the first 9 years of each strategy. Once the new reserve estimates are released I will update to reflect the actual mine life of each strategy.


I believe the above is the only way to accurately show the path forward when it is all converted back to share price as it is what retail investors understand. Shareprice vs Shareprice. The above is using 220 shares on issue as per the last raise in both.