something is up?, page-19

Hi Winter,

dont have that much time to reply on NY eve, but basically:

JORC tonnage X average grades X (IO price - cost etc) to get net value of resources in ground, but actual valuation is also affected by how many tonnes mined each year etc & CAPEX. To develope IO mine, HEM probably needs to farm out too.

Anyway, current high grades are rock chip sampling only, so i wont get too excited just yet,

yes, currently id say it's equivalent to 3P in oil terms