SPROTT RESEARCH NOTE, page-3

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    M&A or stand alone options
    Spectrum lies 165km from Ramelius’ Mt Magnet operation (0.5g/t AuEq
    trucking cost), and 254km from Goldfields’ Agnew mill (0.7g/t AuEq trucking
    cost). However, given the grades, a 500km distance sees dozens of mills from
    Jundee to Coolgardie and still only equates to 1.3g/t AuEq. We estimate an
    NPV5%-1350 of ~A$230m (A16c/sh) for just 300koz (similar on self-build or 3rd
    party treat), extremely high IRR and low cost. While entirely speculative, this
    grows to SCPe A$430-630m (~30-40c/sh) at 600-900koz.
 
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Last
0.7¢
Change
0.001(16.7%)
Mkt cap ! $32.30M
Open High Low Value Volume
0.7¢ 0.7¢ 0.7¢ $48.12K 6.875M

Buyers (Bids)

No. Vol. Price($)
10 3402286 0.6¢
 

Sellers (Offers)

Price($) Vol. No.
0.7¢ 9055633 17
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