Hopefully the updated figures come in the feasibility studies....

Hopefully the updated figures come in the feasibility studies.

What has changed since the last one of around $168m.

1. We own the head lease (2% royalty) and the quarry. Guesstimate value $15m to $25m.
2. The NPV was based on tungsten of $290mtu and $US1 for $A1, so $A290. Based on current prices $US245mtu & 76c US, that equates to $A322 which is better.
3. The tailings and stockpile are part of a JV with Cronimet so that will detract some value but it lessened the risk as the costs are shared.
4. King veins will mean lower capex. We were looking at $55m to $60m. I think it will be $30m to $40m. Well less than KIS and TGN.
5. The original NPV only included the current resource, so doesn't include the Petersen's lode, Iron Duke or West Dyke. This could double the current reserves.
6. Doesn't include the gold assets.

Still plenty of value