Great news paves the way !, page-5

More information would be great but can't be provided at this point. So what do we know.

1. Tungsten scoping study is likely to be similar with NPV of $161m. This included a 2-2.5% royalty to the head lease. Given this will be removed, it safe to assume whatever the price paid for the quarry ($8m to $12m), we will recoup from not paying the royalty.
2. Quarry is operating successfully and has done for many years. There is scope for expansion and likely to be done due to the increased demand from a range of areas including tourism redevelopment in FNQ.
3. Lithium, this is the curve ball as we don't know what we have. They are likely to drill before July. This means this is a free asset as it's not priced in at all. If the samples turned into a deposit then good $$$ given SQM statement yesterday saying that $10bn -$12bn needed in lithium industry over next decade to meet demand.

One thing I think has been over looked with regards to the lithium. Dr Andy White and Rado Rebek were the geo's. Rado was exploration director in Chile for RIO before lithium became trendy. He has been responsible for a number of major finds. Andy had the lithium knowledge but Rado knows the geology make up of Chile.