Coffee with Samso, page-2

Some quick speculation on just what an Optimised Scoping Study based on wet processing might mean.

DYOR. Make your own investment decisions. This is not intended as advice.
The scenario presented below is hypothetical and based on my own assumptions that have been hypothesised from the information in the chat.​

I've done this as a comparison.

Inputs adjusted for the (yet to be released) optimised Scoping Study.

• I've assumed that 45% of 500 kt of annual ore tonnes results in a Wet-refined output of 225kt of product. I'm trying here to still keep the recoveries conservative.
• Increase of the price to the mid-point of the price range in the study ( AUD $850 per tonne as a midpoint of the $700 to $1,000 per tonne price range in the Scoping Study )
• AISC improved by 20% ( AISC reduced from $396 to $316.80 ). Savings due to lower OPEX.

I think these new inputs are reasonable based on what we have learned from the coffee with Samso. They are fairly conservative. Price is perhaps the most conservative.

I have not changed size of the resource (which we are expecting, however this may be used to extend mine life from the current 15 years to beyond 20 years). This excludes resources at Mt Hope, Camel Lake or other exploration targets at Poochera.

All other inputs remain the same.

Here's the results ... simple reconfiguration of the project could lift my speculative and unrisked share price target from $0.35 to $0.64.