Sorry, was on kid drop off duty hardmano……I can't find any...

Sorry, was on kid drop off duty hardmano……I can't find any statement as to how deep, hopefully they continue finding further high grades until the rig limit is reached. It's already a substantial very grade core and KITDD_034 could blow us all away.

I've said it a couple of times now……..As it stands, the high grade core alone is undeniably on par with SFR's resource and that's without the 243m at 5% copper in the calculation.

The market depth is certainly indicative of what i discussed yesterday, where the absorption of the short timeframe holders takes a little time but then it becomes quite difficult to entice the new breed with a longer term view out of their stock.

You can't imagine how disillusioned the long term holder must've been seeing their stock in the low 20's when Perkoa was on the cusp of generating somewhere in the range of US$40m of ex-mine free cash-flow from zinc plus silver credits which based upon the JORC table could be producing around 1.6moz's. (US$38m).

The JORC table (Measured and indicated) for Perkoa states 53.8g/t Ag so if they're mining at a rate of 1mt/annum, they'll be digging up around 1.73moz of silver.

Of course BTR currently has 27.3% of the project and i calculate, based upon the above, an ex-mine free cash-flow of around 13 cents per share. If a P/E ratio of 5 is used, you get 65 cents per share.

Of course, we need steady state achieved for a few consecutive quarters to get a genuine idea of what Peroa is worth but the purpose of the exercise is to highlight, that at an E/V of around AUD50m, Kitumba is practically thrown in for free.