looking sick, page-6

Tonnage is the reason why MAK are NPV+. Even at these DAP prices.

Minemakers have more than quadrupled its Main Zone deposit resource estimate for the Wonarah phosphate project in the Northern Territory, putting the mine in the running as Australia’s largest known phosphate resource. The estimate has jumped from 72 million tonnes at 23% phosphate to 330Mt at 18.9% phos-phate at a 15% lower gradecut-off.

In combination with the Arruwurra deposit, the total inferred mineral resource estimate for the Wonarah project is now 461Mt at 18.8% phosphate.

"This is easily the largest known phosphate resource in Australia."

Now compare that to when RIO owned the Wonarah tenements:

Drilling by Rio Tinto in 2000 delineated an inferred resource of 115mt at 22% P2O5 for the Wonarah phosphate deposit. After further drilling in 2001, the resource was recalculated to 72mt at 23% P205 (at a cut-off grade of 15% P205).

Back then Rio said:
A much larger tonnage of shallow, high grade material is required for the project to be NPV positive at current DAP fertiliser prices.

Rio: 72mt @ 22% P206
Mak: 416mt @ 18.8% P206

The tonnage is 6X what RIO discovered and what were DAP prices in 2001??