Ann: Appendix 3B, page-86

Economically viable mine life is exactly zero years.

DD by NTU's own paid "financial adviser" makes it abundantly clear:

http://northernminerals.com.au/wp-content/uploads/2016/10/16-10-12-Argonaut-Research-Note.pdf

It initially requires 40/45% taxpayer charity:

"R&D funding to support Pilot Phase NTU should be able to attract 40-45% of opex and capex (based on a leased plant) Research and Development (R&D) rebates from the Federal Government. This should make the pilot plant profitable even at today’s suppressed REO prices."

And that's after mining the best surface patches, as distinct high cost UG, for an ore grade just over 1% compared to 0.6% average.

THEN it requires at least "Dy price above US$300/kg":

"The rare earth market continues to languish at five year lows, maintained in surplus by illegal mining in China. The dysprosium oxide price is currently US$185/kg, off highs of US$1,470kg in mid-2011. However, market commentator Argus Consulting expects prices to more than double in the next 12 months to US$400/kg. .................... Argonaut understands a Dy price above US$300/kg will be required to incentivise development of the full scale plant development."

That was Oct 16, the 12 month forecast is utter garbage, Dy has actually fallen further, and China just fessed up they have 4/5 years Dy & Tb inventory in storage, and strong chance they will add more in the next few weeks:

"praseodymium neodymium Inventory basic digestion is completed, and dysprosium oxide, terbium oxide takes 4-5 years ........ storage for the social stock removal to form a balance between supply and demand is essential. Currently the market is expected to resume implementation before the Spring Festival Shuguang, we expect the heavy varieties based"

http://www.repe.com.cn/index.php?op...=1319:2018-01-16-09-24-28&catid=22&Itemid=119

Argonauts "Dy price above US$300/kg" would be based on average grade 0.6% yet they are taking whatever higher grade they can initially from THREE of the small surface patches (strip overburden x3) leaving lower grade & higher cost UG material.

Then go check the quality of the only resource upgrade for 6/7 yrs which was March 2015 nearly 3 years ago:

http://northernminerals.com.au/wp-c...ased-Ore-Reserve-for-Browns-Range-Project.pdf

Area 5 > 4.3MT @ 0.29%

Cyclops > 0.9MT @ 0.27%

Banshee > 0.21MT @ 0.21%

Three distinct, ultra low grade patches is all they have been able to add to the resource after years & $M's in exploration. Even IF DyO values doubled or better no way that 15% in little patches would ever be viable, chance your backyard has higher TREO values.

"11 year mine life" is a total joke even at twice the current values, be very lucky to fund OpEx let alone CapEx, forget about any vague notice of profit.

Simple fact is 95% of the Dy/Tb mkt is in China, and they have 4/5 years inventory in storage ATM, prices are going nowhere but down, perhaps towards 2009 $90kg, before Lifton started preaching.