Ann: Mt Carbine Quarry & MLs - Sale & Purchase Agreement Update, page-34

Going over the Carbine Quarry last night and speaking with some engineers/colleges stationed at Sconi FNQ, the quarry has a few years of ROM to start benefication immediately upon final agreement and funding. Ball mill will need to be purchased (or similar) but not a high capital item. All plant PC's are in "ready for production" condition. Was surprised to hear quite a few looking at SEI as demand for Tungsten is looks good moving forward in the structural EV and ES markets.
Hopefully Russell gets this over the line with a mix of debt and equity funding. Off-takes for W03 should not be an issue. Roughly $160ml in tailings plus pits and numerous exploration potential, $10m MC for this Co is pittance where production should be possible around 3 months from a "decision to mine". Fingers xed around 1st qtr 2019 with 500m odd SOI and allow say another 500m for part funding + debt T; $20ml hence a MC of $20-25ml with funding. Allowing for the above scienario's (revenue $40ml with simple crush grind SX benefication) IMO a rerate to $70-90ml MC (4 bagger) is feasible so a SP of around 8cts plus should see sher's quite happy. Might be a good xmas for those that hold. All IMHO
cheers