Here is a copy of my correspondence with management, I hope I am...

Here is a copy of my correspondence with management, I hope I am allowed to post things like this.

Hi Daniel,
Thank you for your email, I hope you had a great christmas?

We are aiming to produce 50t of WO3 per month which will be approximately 100t of concentrate at 55% WO3. I have actually made sure the plant is designed to produce more than we have stated so don't be surprised if we produce more than 100t per month.

I hope this helps Daniel

Best wishes
Ian Sheffield-Parker ACSM
Managing Director

So 50t of WO3 is correct. I should have asked whether 55% concentrate carries a discount compared to 99.99% concentrate.

When I look at 65% concentrate versus 99.95% concentrate I see a 6% discount of the tungsten contained in concentrate. So our 55% concentrate might carry a 8% discount.

I'll go with a $400/mtu average spot price for 99.99% WO3. Take off our 8% discount leaves ~$370/mtu.

600t per year at $370/mtu = $22m revenue. And it could be more than 600t...it could be 700t. 100t+/mth = 1200t+/yr at 55% concentrate.

I am becoming more confident with this maths. Is there anything obvious that I'm missing?