in ground value

Ok fellas, bit of back of the envelope stuff:

“inferred resource of 5.77 million ounces of 2PGE+Au plus 68,200 tonnes of Ni and 110,930 tonnes of Cu”.

Lets assume 2pge = 0.5g/t Pt and 0.6g/t Pd from only reported speciation

Prices: Pt $1000US/oz and Pd $300US/oz giving 2PGE at $618/oz

Recovery at 70% for Au and PGE, not too bad considering the upgrade ratio

So recovered PGE value = 3.56 billion USD

Recovery of Ni and Cu at 85% assumed due to upgrade ratio.

68200*2200*6US/lb*85% = 765million USD for Ni

110930*2200*2US/lb = 414million USD for Cu

Total Value = 4,379million USD = 6,318 million AUD

At 70% earn in = 4.423 billion AUD

Only problem being low grades and high strip ratio.

Total tonnes = 136million tonnes of ore