Should bust through the previous high of 5 cents next run.Could...

Should bust through the previous high of 5 cents next run.

Could be lots of good stuff coming.

Could be a JV in the wings and other deals.

It would be nice to see a big steel company step up to the plate. 2 such deals were recently done by a Korean and a Japanese Steel maker.

$18Billion worth metal in the ground at the equal second highest grade in the world (12MO%). High grade core of 55Mt @ 0.19%MO. Rio estimated resource size to be at least 200Mt.

Market Cap of $90M (fully diluted) represents 0.5% of metal in the ground. Hardly a stretch.

Processing high grade ore for first 8 years using a 9Mt capacity plant would return a EBITDA of $A850M per annum (using current MO price). Halve this for a JV partner and you can see why a partner would want to be involved (assume $175 - $200M equity contribution).

Hardly