Still many variables which require the infill drilling results...

Still many variables which require the infill drilling results (ongoing now), metallurgical studies and cost-price assumptions to underpin economics. Simple length-weighted intersections for the results so far (minimum 0.31 g/t Pd although the cutoff will be higher than that for the open-pit) is ~ 0.79 g/t Pd, 0.18 g/t Pt, 0.18% Ni, 0.11% Cu & 0.015% Co. Don't know what smelter charges or recovery will be for this stuff and I'm assuming that the next round of met results continue on the preliminary "encouraging numbers" to give around 90% recovery (?) for the disseminated sulphides. Using an 80% "recovery factor" gives a Ni eq grade of around 0.57%. This number will move around once there is enough data to underpin a robust 3D weighted model but there is enough there already to support reasonable prospects of a mine.

Assuming that the infill drilling supports a big disseminated sulphide open pittable ore body, there would be 200 Mt+ on the 1.3 km of strike so far (outside the state forest). By way of comparison, Mt Keith is 0.54%. If all of that holds together, not hard to get a NPV north of the current cap. Key risk is understanding future Pd supply-demand - 55% of the value is in the Pd. I like it. A lot, but I'd like it a whole lot more if Ni was 55% of the value instead. Bear in mind that the company is targeting a mid-2021 JORC number and they obviously know the project best - pleasant and maybe not so pleasant surprises still await on this journey.

A wise man once said that a quality project gets better and better the more holes you put into it, for run-of-the mill standard ASX pump and dump stories, the opposite is true. The trick is deciding into which category your current darling falls as quickly as possible. Can you see a mine in the intersections?

GLATH & DYOR