Ann: Gold Discovery at Baloo Prospect, Polar Bear, page-28

What are you on about?

WSA HAS ni grade av of 4.9% while SIR has 2.3%, WSA has double the ni grade of SIR and has actual production and low capex with its own processing plant maxed at 0.6mtpa. It has all the infrastructure that you say sir will build already.

WSA has current production of 30ktpa ni concentrate and by 2017 when sir goes into production at the projected runrate of 28ktpa, WSA production will likely be at 40ktpa upon expansion of its own processing plant or using the POS processing plant at lake johnston nearby with 1.5mtpa processing capacity.

the 3.5B you talk of is projected income on np over 10 years ie $350M profit pa projected that does not take into account the $900M capex spend nor the fifo escalated employee costs nor the budget blowouts as is usual in wa for unionised labour in hot stranded locales.

So WSA MC is 900M with double sir grade and 40% higher ni conc production in 2017. SIR MC is almost the same now with no production, no mines, no dfs for gold mills or gold production, no offtake contratcs..what!

Either WSA is substantially undervalued by 40% right now or SIR is substantially overvalued...pick which one, throw a dart if you must.

As for sir offtake there are only 2 contenders ...jinchuan which take wsa ore or BHP or POS as a dark horse using its LJohnston mill instead of WSA due to various synergies such as Rob Dennis your COO being a director of POS and your top 20 SIR shareholders piling into POS in the last 2 years since the SIR bull run ended like Dennis has.

Sure sir will get offtake likely BHP... but how long will this take and do you want to be beholden to bhp like the other minnows are?