Updated Scoping Study?, page-15

The biggest unknown is the Mn metal for me..............from 1mill ton of ore processed they could produce approx 43,ooo ton EMM per yr at 85% recovery (using 0.5% CuEq cutoff grade).....that equates to $77.4mill gross per year US at $1800 per ton...........(see link at end of this post re EMM price, note also the volatility in recent times along with demand factors etc etc).

1mill ton of BC ore at 80% recovery would also yield 2.2mill oz Ag and 13mill lbs of Cu (using 0.5% CuEq cutoff grades).....$70mill US per year at current prices.

EMM is potentially 'worth' more to VAL than the Ag and Cu and Zn combined on a 'per yr payable' basis.

Accordingly everything at this point appears heavily dependent upon seeing good Mn metrics from production costs through to forward sales potential and so on.

This is the link re Mn (found in a presentation given by E25).......makes for interesting reading.

https://www.crugroup.com/knowledge-...ganese-metal-price-hikes-a-storm-in-a-teacup/

(link to original E25 presentation pgs 6, 7 and 8 are the most relevant to VAL SS).

https://www.asx.com.au/asxpdf/20180621/pdf/43vy1z0dq331k3.pdf