What’s CBE Worth, page-4

You mentioned the nearby T3 resource of 28.36Mt @ 1.24%Cu was sold for about A$167M in Jun 2019 and Rolf pointed out the Cu price was lower then (about US$5,900/t compared to about US$8,000/t currently, with the exchange rate in Jun 19 the same as the current 0.70).

I was interested in how my 2.5 - 5.0% of in-ground value rule-of-thumb to roughly value a deposit, compared to the A$167M figure.

Adjusting for the Cu price difference, turns out that about 3.2% of in-ground value provides a match to A$167M, and using 3.2% and the current Cu price increases the A$167M to about A$228M.

I use the rule-of-thumb in early exploration success stories like this, to provide some limited rationality to my position.