Broker Data, page-533

Not comparable yet LST, but let’s play around with the numbers.

CBMM Araxa 450mt @ 2.5%

Let’s say we can get to 25mt @ 2.5% or about 1/20 of CBMM.

$30B AUD valuation in 2012 66kt production but today they are making 100kt and also taking into account increase in niobium price over the last 12 years.

AUD has also fallen against USD significantly.

Let’s call CBMM $50B AUD to make things simple.

1/20 is $2.5B AUD.

We own 100% and CBMM owns 50% with Brazilian govt owns 50%. So…. x2 = $5B

How about let’s start from $5B or $76 per share and we’ll start the conservation

None of this is financial advice, just a happy dream from a happy shareholder…