Ann: Acquisition of High Grade Tungsten-Copper-Gold Project, page-14

the AON grade is very high at 1.5%, 10 times higher than the average tungsten dog grade on the ASX

however, past production was not high, averaging around 740 tpa, which would bring in around $17M to $20M in revenue per annum (before operating costs & tax) at current prices

lots of low grade tungsten dogs on the ASX, such as WLF (88.6 Million tonnes at 0.18% WO3; $85M marekt cap ), TGN (145.2MT @ 0.15%, with reserve of 35.7MT @ 0.18%; $16M) and CNQ (47Mt @ 0.13% WO3; $8M)

WLF currently looks like it is financially bleeding

The average APT Price published by Metal Bulletin for the Quarter was US$194/mtu (FOB Europe). During the Quarter, a European tungsten concentrate producer announced that it had entered into several one year fixed price off-take agreements with a net price to be received of US$210/mtu, equating to an effective APT price of US$269/mtu (assuming an industry average discount factor). At the time of the announcement the average spot market price APT was approximately US$200/mtu.