EXS North Queensland JORC Resource13,684,300 tonnes @ 1.34% Cu &...

EXS North Queensland JORC Resource

13,684,300 tonnes @ 1.34% Cu & 0.37g/t Au

Has 166,300 tonnes of contained copper and 164,100 oz of Au.

White Dam JORC Resource

5,420,000 tonnes @ 1.03g/t Au = 169,400 oz Au


QMC's JORC Resources

36,400,000 tonnes @ 0.7% Cu, 0.03% Co, & 0.17g/t Au

Has 269,000 tonnes of contained copper, 24.48m lbs of cobalt, 200,900 oz Au.

Horseshoe JV (QMN earning 75%)

Has 0.96m tonnes @ 1.47% Cu & 0.13g/t Au

Equals 14,134 tonnes of contained copper and 3,859 oz of Au.

Net to QMN = 10,600.5 tonnes of copper and 2894oz of Au.


HOWEVER, both QMN & EXS are next door neighbours and SOL is paying $97.4m for control of EXS.

Using the same dollar value:

EXS EV per contained copper (tonne) = $585.69 per tonne

QMN EV per contained copper (tonne) = $348.35 per tonne

If QMN was valued using EXS's EV/tonne = $163,758,924

THUS QMN's SHARE PRICE SHOULD BE 24.65c

This assumption is based on copper content only. EXS has more gold than QMN, however the cobalt resource of QMN could be balance the value of EXS's more gold than QMN.