Morning Traders 12/11/19, page-2

BRV

Wave "has been identified that could see significant additional upside from the Borborema Project by way of credits from the sale of mica as a separate commercial product"

"The world market for this type of mica product is estimated to be 300,000 to 500,000 tonnes per annum at prices above several hundreds of dollars per tonne with larger flake sizes attracting higher prices."

"Wave estimates that up to 100,000 to 200,000 tonnes of mica product could be recovered per year from a planned 2 Mtpa throughput, after recovery of the contained gold."