Part 4 Minbrie Evaluation

Some of you asked about possible outcomes and what Minbrie could be worth. Sorry it took me some time my health isn’t what it used to be but I’ve now modelled 10 detailed scenarios based on different copper grades (0.6–3.0%) and strike lengths (2.5–7km), all at 400m depth, 50m width, density 3.0. But this time, I included the full polymetallic basket: Copper, Lead, Zinc, Nickel, Silver, Gold, Vanadium, Germanium, Cobalt, and Indium. Average grades used across all scenarios: Lead 2.0%, Zinc 2.5%, Nickel 0.2%, Silver 30 g/t, Gold 0.3 g/t, Vanadium 0.1%, Germanium 50 g/t, Cobalt 0.05%, Indium 10 g/t. Metal prices (AUD/tonne): Cu $12,000, Pb $3,000, Zn $3,700, Ni $33,000, Ag $1.2M, Au $100M, V $65,000, Ge $2M, Co $55,000, In $400k. Scenario 1: 0.6% Cu over 2.5km = $82.95B in-situ value, $553/t, MC range $166M–$830M. Scenario 2: 0.6% Cu over 5km = $165.9B, same $553/t, MC $332M–$1.66B. Scenario 3: 0.6% Cu over 7km = $232.26B, $553/t, MC $465M–$2.32B. Scenario 4: 1.0% Cu over 3km = $108.18B, $601/t, MC $216M–$1.08B. Scenario 5: 1.0% Cu over 5km = $180.3B, $601/t, MC $361M–$1.80B. Scenario 6: 1.0% Cu over 7km = $252.42B, $601/t, MC $505M–$2.52B. Scenario 7: 2.0% Cu over 3km = $193.32B, $1,074/t, MC $387M–$1.93B. Scenario 8: 2.0% Cu over 5km = $322.2B, $1,074/t, MC $644M–$3.22B. Scenario 9: 2.0% Cu over 7km = $451.08B, $1,074/t, MC $902M–$4.51B. Scenario 10: 3.0% Cu over 7km = $649.74B, $1,547/t, MC $1.30B–$6.49B. These market cap ranges vary depending on stage, infrastructure, and momentum — but after 60 years in the industry, I can tell you the multipliers are realistic, and the metal prices will only go higher. Twenty years ago, cobalt, indium, and germanium weren’t even on the radar. Today they define the future. When you’re seeing in-situ values of $553 to $1,547 per tonne, and copper is often less than half of the value, you’re no longer talking about an “explorer” you’re looking at a multi-commodity engine aligned with 21st-century demand. Now you understand why brokers have been entering quietly in 30-minute windows morning and afternoon. The goal is not to run the price… the goal is to accumulate as much as possible, as cheaply as possible, before it becomes obvious to everyone else. As soon as more infos are published I will narrow down what scenarios is more likely to occur. In December when all drillings are done I will be able to calculate sharply. This project is a catch and possible life changer for many. Please think wisely. Steve.