SPROTT RESEARCH NOTE, page-71

Does anyone not find it weird in the whole Sprott report there is not a single mention of VMC/RXL & the youanmi gold plant/mine being only km's away & the fact VMC/RXL completely surround SPX tenemant, one would think the quickest/cheapest way to production for SPX is to do some type of deal with VMC/RXL as they have a plant ready to go with just $30mil needed to refurbish it, instead the report looks at other options hundreds km's away, would assume sprott & anyone close to the company clearly know theres bad blood in the area between SPX & VMC

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.