General discussion, page-3853

Ladies and gentlemen,

For those of you who are still unsure or in doubt what value we should put on CBMM and therefore, our own Luni and P2 discoveries. This came directly from our MD, Paul Savich’s mouth. Hopefully this will provide you with useful informations and help you to estimate the potential value of WA1.

From 8.11 mins onwards.

“In 2011, the answer for China, Korea and Japan was to buy a combined 30% stake of CBMM to guarantee supply. 30% of the world’s best mine for US $4B dollars. That was a US $13B valuation for CBMM company as a whole, keeping in mind that half of the deposit is owned by the state. The interests purchased by POSCO etc were minority, non-voting interest, purely to assist with receiving supply. In today’s dollar, that is approximately AUD $30B valuation for CBMM which has a single mine. And at the time, CBMM was producing about 66k tonnes per annum compared to about 100k tonnes per annum today. Nothing even remotely close to the Araxa mine has been discovered anywhere else in the world since 1953. But that changed last year when we drilled our Luni carbonatite discovery.”

There you go. I believe the only way to value WA1 is to use your imagination and dreams Video below. Happy to correct any mistakes with the transcript above.