Ann: West Arunta Project - Luni MRE, page-274

@2ic .... Just interested in how much you think the Mcap of WA1 should be at this early stage.

Given that Sandfire had a Mcap of 14.4% of in ground recoverable value (just under $A3.2B), after early mets and initial MRE.

Our current equivalent Mcap, on just the high grade 53Mt of 2.1% Nb2O5 is about 2.8% of in ground recoverable value (just on $A40.2B).

At the same stage SFR were planning a 1mt/a plant, expanded in planning later, which would have seen an annual revenue of $432M and a relatively short mine life (less than 10 years).

Our revenue is likely to be at least double SFR's for same stage planning plus a much longer mine life, on just the high grade ore body alone. Unlike Degrussa where the ore body never increased by more than incrementally our high grade is likely to increase a lot with infill drilling...

So why should WA1 be a much lower Mcap as in currently only 20% of what SFR was at the same stage, given the known facts??