A few weeks ago LTR released the table below in a presentation...

A few weeks ago LTR released the table below in a presentation pack that looks at all the resource sizes and grades for Australian soil deposits. The highest reported grade is now 1.53%. The average grade for BP33 is 1.53%. Core has in BP33 a project that has the highest equal grade of any project in Australia (Greenbushes included). BP33 is obviously a lot smaller than some other projects but in terms of grade its at the top (equal) of any overall project in Australia.

So a question to consider, how likely is it that Core won't mine the highest equal average resource grade lithium project in Australia? I'd suggest the likelihood of that is very low, particularly since the DMS to mine that resource is already constructed. The box cut to enable access to unweathered rock has been constructed and other supporting site infrastructure like crushing plant, ROM, tailings facilities and water management facilities are constructed.

Its possible, if not probable that Core will look to add a flotation plant to further improve recoveries. That could mean when (and I do believe its when) BP33 is operational, Core could have an in production an asset with the best grades around and the highest recoveries around. Some have suggested Core is the highest cost operation around based on early stage Grants costs. I doubt that would be the case for BP33 if you start with the highest equal grade of anyone and with incremental recoveries from Flotation, Core had among the best if not the best recovery of any Australian operation. This would be then combined as among the closest to port operation of any project.



In October Core released an upgrade for Mineral Resource statement for BP33 which is below. As a standalone project, BP33 would be at the bottom of the table for resource size, but would be top equal for grade (along with Mt Holland). Note - Some projects will have areas of the deposit that are higher than the stated overall average (particularly Greenbushes), but as a discrete deposit, BP33 is up there with the best around.