Essentially the thread calculates an NPV at 3000ppm which is VMM...

Essentially the thread calculates an NPV at 3000ppm which is VMM AVERAGE grade and then grabs a selective portion at 5000ppm for MEI and reruns an NPV.

5000ppm is more profitable than 3000ppm. Whi would have thought. However if you use MEI's JORC grade and VMM average reported grade the revenues are almost the same. Their profitability at today's prices are circa 60-80m usd by my calcs.

this assumed a fixed mined and process cost. I.e that the cost to mine a process 5mtpa is the same or similar to the Mining costs of other 5mtpa operations. (I.e not deducting revenue credits or the like).

Heap leaching is generally a little less cost intensive than vat tank as well as less capital intensive. but both Mei and vmm would benefit from decreasing processing cost due to little no acid additives required and likely less volume of concentrate to process after initial leach steps. So I think balancing it all out it's around a concentrate revenue of 25usd/kg and a REO/kg cost of around $11-12. (so this is revenue and opex divided by the tonnes of the REO you produce.)

if people prefer using a mined/t revenue and cost. then it's ~28usd revenue for each mined and 13.5usd/t mined. (this is the revenue and opex based on the tonnes you mine).

I'm on the phone so can share my old posts but the long and short is, Mei and vmm have very similar basket composition and likely very similar recoveries across the tenements.

The only question of discrepancy is can either of them delineate a super high grade resource of say 4000ppm 5000ppm whilst the other one cannot?

My view is MEI had many more historicals so was easier for them to heatmap a high grade zone. VMM has shown hits with similar grading from its initial drilling and so my view is that they won't actually be much different in both the average grade and equally the high grade zones that both will display. I'm sure after VMM continue drilling they'll equally hone in and heatmap 3000-5000ppm areas. there are already hits in that range and still under explored across their tenements. I mean the announcement today has several hits of 50m thick saprolite next to auger results of 4000ppm+

The thread assumes VMM won't have an area greater than 3000ppm to run an NPV but says Mei. The current drill results already show that VMM has higher grade areas... and that MEI average jorc grade (despite high grade zones) is in line with VMM from results to date.

I hold both.

SF2TH