Ann: NTU - Presentation European Roadshow May 2018, page-3

Thought it would be an interesting exercise to examine in depth the true value of NTU 52% mixed concentrate and future earnings.

For starters the TREO equivalent quantity is only 52% of the total mix which means 48% of the mix is worthless rubbish. To put this into perspective, total annual mixed carbonate production is expected to be 1,100,000Kg which will contain 573,000Kg TREO equivalent and 527,000Kg rubbish.

42-45% RE carbonate currently selling for US$3.5Kg including VAT. Doubt NTU will be getting much more for their 52% RE carbonate. Being generous, lets call it US$10Kg or A$13Kg
https://price.metal.com/prices/rare-earth/compounds


Hallgarten & Co used A$37.60Kg COP when working out their numbers.
http://northernminerals.com.au/wp-content/uploads/2018/02/NTU_Hallgarten-Feb2018.pdf

Revenue: $14.3m pa
COP: $41.36m pa
Earnings: -$27.06m pa