Ann: Trading Halt, page-90

Hi Timmy,

I was looking at GBE's feasibility study from 2 years ago. Their JORC resource is 68.3 million tonnes of mineralisation with a grade of 2,830 ppm Nb2O5 and 135 ppm Ta2O5. Link below. Bear in mind that their project is in Malawi, and mineralogy is different to WA1's which contain REE, so not exactly apple to apple comparison. But you get an idea.

https://cdn-api.markitdigital.com/a...access_token=83ff96335c2d45a094df02a206a39ff4

These are the highlights
• Kanyika Niobium Project is positioned to be the first niobium mine in Africa and the first new producer in 50 years.
• Over 90% of niobium is used in the manufacture of High Strength Alloy Steels. Steel production is growing year on year. Intensity of usage in steel is rising rapidly as markets, and in particular China, moves towards the manufacture of higher quality steels.
• Niobium’s unique characteristics make it central to many of the world’s past, present and future technologies with scientists and manufacturers only now beginning to imagine the range of technological applications for niobium.
• Niobium is critical to military, aerospace, space and medical industries and becoming increasingly important in quantum electronics, in the manufacture of semiconductors and in the electrical vehicle industry.
• Globe will target high-end, high-value applications for niobium.
• A mine life of ~ 23 years with capability to extend mine life to 38 years subject to the conversion of inferred resources through further drilling.
• The Feasibility Study is based on material assumptions outlined in this announcement. Globe considers the material assumptions to be based on reasonable grounds, there is no certainty that they will prove correct or that the range of outcomes indicated will be achieved.
• Average annual production of 3,250 tonnes of niobium and 140 tonnes of tantalum.
• High metal recoveries of ~75% for niobium and ~73% for tantalum
• Patented metallurgical advancements (commercial in confidence) provide competitive advantage allowing substantially simpler beneficiation with greater recovery and lower process OPEX.
• Pre-production capital costs of ~USD250m.
• KNP will generate revenues of USD5.6B over its 23-year mine life, valued at a base price of US$55/kg for Nb2O5 and US$410/kg for Ta2O5mostly as Tantalum K-Salts.
• Net Present Value of US$1B (pre-tax) at a discount rate of 8% per annum.
• Internal Rate of Return of ~50% (pre-tax).
• Payback period of ~ 1.5 years (from first production).
• All approvals in place to immediately commence construction upon funding and relocation of affected persons.