Ann: Trading Halt, page-210

Well I am glad that we agree Tansim is a Tenement without a Single Drill hole yet

I also agree that Moblan looks promising for its current early drilling stage, if everything works out it may be in production by 2026/2027 once approvals + feasibility + financing + construction works are completed (It takes a while to get mining projects going). Then you have to factor in that SYA only own 60% of Moblan if I am correct ?

What I do not agree with is the PFS that was released this week. For anyone still burying their head in the sand it covers NAL + Feed From Authier.

The Only Factor we do not yet know is what is the actual Mining + Transport + Logistics costs of Production at Authier are ? All we know is that NAL will be paying Authier A$303/t Concentrated or A$118/t Raw Ore. NAL will then be Blending, Processing and Selling Authier Ore (The Processing Costs + Sales Revenue IS INCLUDED in the PFS)

The only outstanding question for Authier is will the A$118/t Raw Ore A$303/t Concentrated cover the cost of Production ??? Well when you have a look at the OPEX costs for NAL i.e. Exclude the Processing costs (I Have Highlighted it in Yellow Below), you will see the Mining Costs for NAL work out to be approximately A$290/t concentrated.

The A$303/t that Authier will be receiving is pretty much bang on for what the OPEX costs will be i.e. Authier won't have an NPV, they are selling to NAL at very close to Cost Price with a marginal 5-10% uplift.