Mitsubishi had previously sanctioned the project, which gives us...

Mitsubishi had previously sanctioned the project, which gives us great creditability when approaching financing partners. Much like $TAW, what you'll see is three main phases.

First will be the initial funding to start production. This will be the initial phase. From this the MCap should be x 5 from where it is now. At least $60Mcap low end, $100M Mcap high end.

The second phase will run in parallel to the first, which will be the expansion of the JORC. I suspect we will see a doubling of the initial resource estimate we saw in 2012. This will take us to at least $150Mcap to $200Mcap.


The third phase will be when we reach full production and are operating at profit. This will be reliant on the tungsten price remaining strong at $300 plus MTU. During this third phase, being able to reduce opex costs will also be integral to our strategy to surviving any dip in the price of Tungsten. At this stage i suspect a solid Mcap of $200Mcap with an upside of $300Mcap.