Canaccord Genuity Upgrades Price Target from 50c to 80c, page-14

Copper only then CVV is 'bigger' at current level of exploration - both are open
The gold cap in the saprolite zone equates to around 1 Mt of copper if my math is OK, $A3K / oz and $A10K /Tonne cu = 1/3 in round figures Au/Cu

Both are significant deposits with interesting controls that appear stratiform related

Kalkaroo (link to a presentation) is different to Calingiri in probable origin though both are still subject to further studies on genesis.

Cu grade is higher in the fresh ore at Kalkaroo. The 'by product" components (Au Co Mo REE W?) are a two edged sword that add possible value but at what processing cost. The oxide/supergene zone has to be mined to reach the 'fresh copper ore'. Another processing issue.

While the grade is lower at CVV bulk mining and processing appear to allow for good initial starter pit economics. Also the lowest grade material will be processed in some way.

Ore reserves roughly the same with very different cut off grades ... not checked.



CVV



At a conference a couple of years ago CVV was mentioned by a Newmont "geo" as being "looked at" with a view to partnership. The very low Au at Bindi etc was a major turnoff for them but overall the project was interesting - not for them....

OZL added Kalkaroo to their project pipeline. Will be interesting to see what BHP do. There is regional potential there and on CVVs land in Wongan Hills.

Some issues with a proper response probably needing a small volume.