Early Speculative Analysis for Mt Hope Halloysite-Kaolin Project, page-4

Current Scoping Study is based on mining 500 kt pa of ore. It’s thought they can push that to 1,000kt to 1,500 kt pa at Poochera ...

So based on my Scoping Study numbers

Poochera

• Min $0.35 x 2 = $0.70
• Max $0.35 x 3 = $1.05
• So a range $0.70 to $1.05 ( without accounting for expected improvement in recovery, OPEX and price ... the scoping study used conservative numbers )

Then if we add Mt Hope (@ highly speculative $0.23) to Poochera

• $0.70 + $0.23 = $0.93
• $1.05 + $0.23 = $1.28
• So a range $0.93 to $1.28

This is without purified Halloysite @ AUD $5,000 per tonne, which is cherry on top ( although potential tonnage in terms of market demand not yet clear ).