Ladies, gentlemen, lady and gentleman. Just welcome and just say thank you for being here. This is a general meeting of Premier African Minerals. Notice has been duly served, advertised, and so on. Just referring to my script to make sure that I'm doing everything that I should be doing. I am going to chair this meeting at the request of our Chairman who is not here in person. We do have a quorum, I note, and I note from my various documents that that is the case. I'm going to declare that the meeting is formally constituted, and I believe that we can proceed.
Before we get into the Business Of The Meeting, are there any specific questions that anybody would like to raise in relation to the two resolutions that are proposed? They are the only item on the agenda of the meeting. If there are any specific questions, I'm happy to deal with them. I have a webinar here, and I just want to have a quick check and just make sure that I don't have any questions coming through on that. At the moment I do not appear to have. Does anybody have any questions or comments related to the resolutions? Okay. I'd like to proceed, and I'd like to propose the resolutions to the meeting. The full text has been set out in the notice of meeting, and has been available off our website as well.
The resolutions being proposed are proposed as special resolutions and do require a majority to be passed. Resolution 1 is a special resolution to approve, for a period of 24 months following the date of this general meeting, the disapplication of the pre-emption provisions set out in Regulation 1.5 of the company's articles of association in relation to the issue of, or the grant of any right to subscribe for or convert any security into up to a further 2 billion ordinary shares, and to authorize the Directors of the company to issue or grant any right to subscribe for or convert any security into shares in accordance with the provisions of this resolution.
That the company may make offers and enter into agreements during the period which would or might require shares to be allotted, or rights to subscribe for or convert other securities into shares to be granted after the period ends. Are there any further questions related to this specific resolution? On that basis, I would like to propose the adoption of this resolution. Could I have an indication of those in favour? Thank you very much. Against? Thank you very much indeed. May I also note that as Chairman, I hold 17 proxies totalling 10 billion, 76 million, 715,346 votes in favour of this resolution and 187 million, 97,600 against. I have no instructions in regard to discretion, and I have no votes withheld.
As a matter of interest from a percentage perspective, let's just get to the right one here. The percentage in favour is. Let's put it this way, the percentage against is really nominal. It's overwhelmingly carried, and I'm very pleased about that. However, let me just come back. I do have letters of representation, Computershare Nominees. Let's have a look-see here. By authorized Mark McDonald to attend, speak and vote on behalf of Computershare Company Limited at the Premier African Minerals Limited meeting on the 29th of February. Mark, hi. Are you comfortable with this? Anything that you want to add to it? Thank you very much indeed. In addition to that, I have a similar authorization here to authorizing Trevor Chillery to attend.
Chillery.
Chillery. Sorry.
Chillery.
You know what? It's been put out here. Let's just have a look-see. That's quite interesting. I do apologize for that. Oh, hang on a second. Pronounce it again for me.
Chillery.
Chillery. Yeah, Chillerys.
Chillery.
Chillery. It's been misspelled.
Oh, it's my fault.
I apologize sincerely. Would you like to add anything? You're happy with that? Thank you very much indeed. Look, on that basis, Resolution 1 is adopted. I'd like to then move on to Resolution 2. Resolution 2 is a special resolution to approve for a period of four months commencing following the date of this General Meeting. The disapplication of the pre-emption provision set out in Regulation 1.5, the company's articles of association in relation to the issue or grant of any right to subscribe for or convert any security into up to a further 2 billion ordinary shares. To authorize the Directors of the company to issue or grant any right to subscribe for or convert any security into shares in accordance with the provisions of this resolution.
The company may make offers and enter into agreements during the period which would or might require shares to be allotted, or rights to subscribe for or convert other securities into shares to be granted after the period ends. Are there any particular questions related to this resolution? I hold in regard to this resolution, as Chairman, 16 proxies, totalling 10,233,313,168 votes in favour of this resolution. 40,299,785 against. No votes withheld. No discretionary votes. In addition to that, I believe that these two resolutions from Computershare refer as well. Gentlemen, anything that you'd like to add to this? Mr. Chillery, are you sure that I got it right that time?
Thank you very much indeed, sir. Okay. All right. Could I ask for a show of hands for? Thank you very much indeed. Any against? Thank you very much indeed. On that basis, I declare resolution passed as an ordinary resolution of the company. Ladies and gentlemen, that brings us to the end of the formal Business of This Meeting. I'm happy to informally have any discussion that you'd like us to have. There are, in terms of others linked to this webinar, and I'm unfortunately not seeing any specific questions coming through. In terms of others linked, we do have 161 other participants who are linked to this. So, as I say, I'm very happy to have as frank and informal discussion as anybody would like to have.
There may be things that I cannot specifically deal with. I will do the best that I can. Can I open this to the floor? I'm sure you all have a lot of questions that you wanna ask.
Is the plant running or still working?
That every component of the plant can run. I'm going to break this thing down as best I can. Every component of the plant can run. The optimization of the plant to get to a continuous result that it was designed to achieve is an ongoing process. I said to somebody the other day that I can't. I'm so often asked how long, when this, that, or the other thing in relation to a future event. I've said on so many occasions that I can't predict this in terms of the future. What I've said historically in relation to components of the plant anticipated running and so on, has been based on what OEMs have said to me. It's the information they have given me.
Over a period of time recently, I've spent, and I've had a lot of other people with me, spend a lot of time at the plant trying to make sure that we have as good an understanding of the process we have to go through. Going back to the question as you've asked it, I'm gonna go back and say, the components of the plant, each flotation cell, and there are one, two, five, seven, plus the scrubber. There are eight individual cells contained within this. Each one of them is a complex piece of equipment. It consists of an agitator. It consists of air that is being injected into it. It consists of reagents that are being injected and added to it. It consists of recirculating pumps. It consists of a flotation removal and an underflow removal and a recirculation.
There's a lot of complexity in terms of product movement associated with it, apart from the fact that each one of these cells in itself has a lot of components and variables to it. The pumps all work, the agitators all work. The material will flow over and float and go here and do what it's supposed to do. There are so many individual variables associated with it that finding the correct optimization on a continuous basis is a process of time. I think I've consistently tended to underestimate that time, largely, and I was not correct in doing this, but I've accepted what is being said to me and assurances that have been given to me. I'm no longer accepting those.
All I can say is, again, every component works. It's a case of optimizing this thing and making each of these work correctly with the correct materials in, the correct densities, the correct reagents, the correct flow rates. All of this is where the work lies at the moment. I don't know what the time is. It could be very short, it could be a little bit longer. The difficulty that I tend to have that we as a company have at the moment, the principal difficulty that we sit with is that we must run the plant to be able to deal with these issues and get all these components performing exactly as they are supposed to.
To understand all our flow rates correctly, to vary and change, reagent dosing, ph levels, et cetera, et cetera. All of these things are taking time, and to get it correct requires continuous running. Continuous running is expensive. We've set out before, what our cost of production, of a ton of spodumene is. Our forecast remains pretty well where we have, the figures that we have published. In fact, if anything, we've been doing a lot of work and refining, and we are comfortable that once we produce at the correct rate, that the cost of production, is sufficient to give us a decent margin as this plant is at the moment. These are things that are, have been published. They've been in RNSs already.
That will give you a very good idea of what it costs to run this plant. If you're gonna produce 4,000 tons a month, and it's gonna cost $750 a ton to produce, that works out at $3,000 a month. That's what it costs to run this plant, and that's what it costs to get this plant to a point where we have it commissioned and where we have it running properly. This is a simple extrapolation from where we are. Sorry, James.
I think you meant $3 million a month.
Did I say $3,000?
Yeah, if it's $3,000, I think we'd be.
Sorry. Add a couple of noughts. Getting confused. I beg your pardon. Yes. You're entirely right. $750 times 4,000 is $3 million. I beg your pardon. Yeah.
I knew what you meant, but.
Getting a bit like Joe Biden. Mind you. Sorry. Anyway. I mean, you know, that's the situation that we have. It's a very difficult environment in which to get this plant properly optimized and try and fund us through this period that is ongoing. Now. Don't know what that was. I expect to provide significant updates in the very near future on this. It's going to be an ongoing discussion to actually deal with this scenario and to be able to get us to that point where we actually have proper production. That's about as best an answer as I can give you at the moment. All the components work, yes. It was the problem before.
Provided I've got money to buy diesel and to keep powering the generators and keep driving the mining and so on. I mean, that's the point that I'm making. This isn't a plant inability to operate. It's not a breakdown in a machine or something like that. That isn't where we are. We've got beyond that and I think that after the mill went in was a very good example. Now, it's really only after the mill went in and after we finally got a proper product flow coming through there, that we've been able to say, "Now we can get into the float plant and start dealing with all of this." Theoretically, we're a year behind where we should have been with this, and I'm deeply conscious of that and what it has cost.
I think that the upside of it, 'cause not everything is all downside. There's a lot of upside on this and I can go through some of this. For example, along the way, we have a huge stockpile of undersized material. This is material partly from the crushers where we have not been putting through the small fraction, because of the presence of the ore sorters, and that is stockpiled. Now, that's all material that's mined. It is a potential asset that is sitting on the ground. It's got spodumene in it. I don't know. There are 200,000 tons of that, I would say, at the moment. So there's a lot of that. That's the one.
The other is that the plant was supposed to recover tantalum, as it was originally set up. That was completely wrong on the part of the OEM. Additional work that we've recently done has included test work using DMS, Dense Media Separation, on the small particle size. The purpose of that was to see could we get a good spodumene concentrate out of it, and could we upgrade the tantalum section of this? The intention on that circuit is to seek some kind of a cooperative venture with the supplier of the DMS equipment, such that we would do a shared revenue exercise with him, for example, to get that on-site and not cost us.
Linked to that is the ability then to recover tantalum, and tantalum is very valuable at the moment. The price of tantalum, if you have a look at it, is through the roof. I mean, this is. I can't remember. It's in the $50-$60 a kilo kind of range. It's a lot of money for this, and we have a reasonable tantalum deposit at Zulu. In fact, it was the tantalum that originally took me to acquire this project way back in 2009, 2010. It was because of the tantalum, and it was acquired as an industrial minerals project. The tantalum opportunity remains. In addition to that, a pegmatite has got a lot of other things other than just spodumene in it, and one of the biggest components is quartz.
The original work done by Anzaplan many years ago predicted that Zulu could provide very high purity quartz. We've done test work in our own laboratories there, and we are commissioning some other outside test work on that as well. That hopefully will confirm that what we've done in the laboratory is 99.5% zero iron quartz. We need to get it a little bit purer, and then it becomes a very valuable commodity. One can do searches on this, and you can have a look at the pricing of this. The moment you go very high purity, the 99.9s, no iron, it becomes a desirable and sought-after product.
That's worth more. That's worth more though, isn't it? That's the quartz is then worth more than the spodumene, isn't it?
Yeah. At the current pricing. Yes.
At the current price.
At current pricing. Absolutely. No, absolutely. It's a very valuable commodity. That would require some additional, what we refer to as reverse flotation to actually purify that. But it's very easy because we have material that's in a slurry that's had the spodumene taken out, the micas have been taken out. It's residual material that was going onto a tailings heap, and we take that and put it through a couple of additional cells. So there is that. There are other industrial minerals of much lower value that may come out of this as well, which may require some further refinement. So that's the one thing. The next thing is that within our EPO. Now, the EPO, as I think we all know, has not been renewed at this time, but that is still under consideration.
What we did is we registered claims, a number of claims within the EPO, and we have found within the claims that there is apparently a significant additional pegmatite resource within these claims. In fact, one of these claims is being fairly extensively worked by an independent who is doing hand sorting, hand cobbing, and is delivering that ore to the plant. That's within our claim, within our EPO areas, and that's both boosting grade but also lowering cost. We are looking at that, and we understand that this is a significant further amount to be contained there. The overall size of the pegmatite and the overall size of the resource, the potential size of this has changed dramatically. It's not all a case of just the Zulu plant.
There's much more at Zulu than just this. Then it's worth noting as well, just off the topic ever so slightly, that in recent meetings that we've had in Zimbabwe, it finally does look as though we may resolve the RHA long ongoing situation. It looks as though we're going to get that done, and Brendan, who's at the back of the room, has been leading most of these meetings, and hopefully we're going to see some results out of that. Over to the floor. Mutare is under investigation by one of the major Chinese mining companies, not Canmax. They are reviewing a term sheet that we have given them. I don't wanna go into detail on the term sheet. I can't, because I don't know whether they like the terms or they don't like the terms.
I don't know whether they're gonna come back with that or whether they're gonna come back with an alternative proposal or whatever. We've conducted the site work, and there is a term sheet that has been given to them to review.
Sure.
Yep. Yeah, I'm sorry, I can't. If there's anything more definitive, I'd put it out in an RNS and I'll tell you, but there isn't.
It's tough.
Yeah, look, I must say they're strategic, those claims. They are very close to the Sabi Star Lithium-Tantalum Project, which is in fact in operation. Part of their pits almost borders on our claims. If I were them, I'd be having a negotiation quite soon to see what they could do about this. 'Cause they're gonna hit a fence just now.
George, what would be your preference?
What?
That Mutare. Would your preference be if someone made an offer to sell it?
Yes.
Use that capital to support other operations?
Yes. Yes.
Would you prefer to joint venture it?
Oh, no. I think my focus over the last year, 18 months has been on Zulu exclusively. I don't wanna get distracted at the moment. There's so much to come out of Zulu. There's so many opportunities to come. You know, I'm reminded sometimes of the early undertakings from Canmax when they first visited, when the Chairman visited the project and his statements that he made then that, once we got this initial component going, proved up the expanded resource, that they would want to come and build a lithium carbonate plant at Zulu. I know that's where this thing needs to go. I know in my own heart, my own head says to me that that is what will happen. If it doesn't happen at Zulu, it's gonna happen pretty close to Zulu. It's going to happen somewhere in southern Zimbabwe.
To my mind, that means that Canmax, it's in their interest to be very supportive and help this plant flourish.
Yep.
Just going back to RHA. Tungsten prices, I don't look at them, but.
They're on a plea.
They've gone up. If Brendan and yourself were able to reach an agreement on that, do you think that's viable, profitable going forward?
Look-
RHA potential.
Yes. I'm not sure that those who are still on the web will have heard the question. The question related to RHA and to tungsten prices. The last time I looked, the ammonium paratungstate price was round about $350-$360. Something like that. Now when we had a point where we stopped producing or stopped trying to produce at RHA, that price had gone right down to about $150. There's a significant improvement in price. You know, I think that we also need to remember that RHA did produce a very good concentrate. That we had a takeoff in place. That take-off probably still has validity. There was a take-off in place. We produced two grades there.
We produced what we called a coarse grade, which was a - 6 mm fraction, if I remember correctly, a conventional fine, as most people do, concentrate of wolframite. That coarse grade was a very desirable product. People really wanted that. The quality of that, the low impurities in it and so on, made it a product of demand. To go back to RHA, I think I'd love to go back there. Just was checking to see if I can see any questions coming through. I can't at the moment.
Telegram. They think the chats might be disabled or that maybe the chat button is disabled or something on the
I'll have to talk to Wilma about that. She set this thing up. I'm not smart enough to understand how that works.
It looks like they wanna ask you stuff but.
Oh my goodness. Are they sending any questions through to you?
I've got some sent questions. Quick question about financing. You go first.
I'll have to pass the same thing.
Yeah.
Today's placing raise, you mean the points?
Yeah.
How are we gonna-
I haven't made a placing today.
Well, shares raised today at that issue price.
Yes, if placed.
Well, obviously, how we
That's it. Today, before I start, yeah. No one's looking at the positives here yet. The positives is platinum at $450 a share. Spodumene's at $950. And coltan, if it is as good as it could be, is at $1,650 a share, which is the waste that comes out of the spodumene. Which in production is nearly 30,000 pounds a ton, pounds for the machine.
That's fine when you sell it.
Everyone wants to be negative about it.
Yeah, that's fine when you sell it, but.
It's irrelevant whether you sell it or not. It's a product. If you walk into a Tesco, you have a pint of milk on the side, you've got product there. Yes or no?
Where's the revenue for the next month? Where's the revenue coming?
I've been very clear at the moment that until such time as this plant is fully optimized in producing product, it can't produce revenue not to support that level.
Same as Tesco, yeah.
Yeah.
When Tesco buy a pint of milk, yeah, it doesn't produce revenue until someone buys it. That's it. What's different?
Yeah.
What's different?
Well.
The milk's at that animal and how it comes out the other end.
The milk's-
The milk's on the shelf.
They have a line of credit. They can't call it that, but Tesco has a balance sheet, right? Like, there's a lot of difference between a junior miner that is pretty much-
It's not a junior miner, is it?
What do you think?
Guys, can I?
Yeah. 1.8 billion tons of ore there in the ground as a junior miner.
Yeah, well then.
Yeah.
Guys, let me just come back. Let me just come back on where you were going with that. I understand that, and I need to conclude various discussions that we are trying to have in the background with some of the parties who have shown an interest in wanting to be involved in this and wanting to acquire part of take-off and who are looking. There's no commitments, there's no nothing like that at all. Who are looking and investigating possibility of buying into part of the future supply. Now, that requires consent from Canmax. It requires a long discussion with them.
I think in the background, it's important also to note that Canmax remains. I think it's clear to me. I mean, I don't know who votes specifically, but I think it's clear to me if I look at the voting that I would suggest that they have probably been in support of the resolutions that we've passed today. Now, I think that's an extremely important statement. Sorry, it's a message in the background here. They're concerned with the acquisition of spodumene. Now, that's what they want. I don't think they wanna run a mine, but I think they wanna make sure that they can get spodumene. Now, we are so far down the line with this at the moment.
We have progressed this development to such an extent that in terms of risk normally associated with a mining entity, most of that risk has been dealt with. We're at a final stage, I can't tell you how long it's gonna be, of bringing this plant to an optimized state. We know that the components can work. Getting it to work in an optimized fashion is, we believe, one of the last steps. That's how far down the line we are. We've exposed the ore body. We've mined. We know what's there. We have a lab at site. We have so much work that has been done and so much that has been invested at this stage that I believe personally that this project is going to be brought to production one way or another.
You know, otherwise, I wouldn't be sitting here, to be perfectly frank with you. This, I am quite determined that's where it's gonna go. Detailed presentations and proposals will be made to Canmax following this meeting in terms of how we go forward, and to others. That, frankly, is where this specific project is at this stage.
Right, like, as in, like, today, right? The share price is GBP 0.065 something, whatever it is, right?
Yes.
4 billion shares at that is, what? 2.4 million. Like, it's just comes, you know. No sudden multiplied share.
I know.
We had that conversation.
Let me
That's what I said.
I think it's.
Not really, no.
It is because.
It's like Tesco and milk and all this shit . It's fine.
You were talking about Tesco and milk.
No.
Massim, some of these shares will need to be used to settle and it says so in the resolutions, to settle this commission situation. That needs to be done. But that's not a case of placing out all those shares bang now and going, collecting some money for it. That's not what's going to happen. That will be dealt with in an orderly manner over a period of time. I think Brendan is standing at the back. He's busy sorting out the various negotiations and agreements associated with that. That's not going to be just dumped on the market. I've also said that detailed presentations, recommendations will be made to Canmax and other parties, and we will simply have to see how we take that forward.
You're entirely correct if you're concluding that 2 billion shares over and above the settlement is going to complete everything that we are trying to do. That conclusion is entirely correct based on the current share price. That's not going to do it. That's not where I want to be. I'm uncertain as to precisely which way it's going to go, and I'm being as candid as I can with you. We will exploit every opportunity and every other avenue we can. Guys? Toby, do you wanna add anything? You're gonna keep out of this one. Gents, anything else?
George, I'll take you back to Mutare.
Yes.
You said that, I think you said Canmax would be interested.
Not necessarily Canmax. I said there is a large Chinese entity-
Yeah. I know.
That is in a negotiation with us.
Not Canmax. Why Canmax? They want spodumene. Mutare has spodumene just down the road in Zulu. Why come in, get a bit of it at Mutare and-
Let me try and put this another way. Canmax are aware of Mutare. They are aware of another company looking. As a matter of principle, we would not conclude an agreement with that other company. Bear in mind that Canmax are shareholders. They have a representative on our board as well. Canmax will be fully aware and fully informed should a formal offer come on this property. Canmax will have all the opportunities in the world to step in if they want to step in. Does that help?
Well, it doesn't really, no. What I'd like to understand is, from a Canmax perspective, I know that there's plenty of noise in the air. From a Canmax perspective, why wouldn't they force the issue rather than being at the back waiting for something else to happen? You know, and you said they're incredibly supportive, and they've demonstrated that in the way they have over the past couple of years. You would have. I would have thought that if I were Canmax, I would have said, "Another opportunity for spodumene." Or they're interested in spodumene. There's some spodumene in Zulu just down the road at Mutare. Why wouldn't they come in with you and Zulu, PREM, to develop that opportunity? Why would they just sit back and watch?
Mutare requires a lot of exploration still. There's limited drilling at Mutare. We've done some, we've got it fairly well mapped out. We've done a lot of surface work. Mutare is a relatively early exploration project. It is not an advanced project like PREM. PREM was much more advanced than Mutare was at the time that Canmax got involved. Much more so. I understand where they are. As I've just said to you, they are shareholders of it, of ours. One of our directors is a representative.
I'm pretty sure that if they feel that they don't want it to go somewhere else, if and provided that there is a formal offer that comes from those looking at it, if they don't want it to go somewhere else, they're going to step in and take it at that point.
Yeah. That's what you just said. They've got final say, basically. If someone offers you GBP 20 million, they say, "We can't sell it to them. We're giving you GBP 20 million." If they have GBP 20 million, you're selling it to them.
Yeah. Look,
That's the reality isn't it.
I mean, that's the reality. That is the reality of it.
They're calling the shots. They've got final say. When it comes to them calling one another.
Yeah, that's a matter of us having-
Understood.
It's a matter of us having a moral responsibility as well. I wouldn't sell it somewhere else without going to Canmax first and saying, "That's what's on the table. Are you comfortable? What do you wanna do?
They've got final say. If they wanna step in and say
Yeah. If they wanna step in, they're welcome.
I'd like to understand the process that's happening at the plant. Putting the thickener, scrubber so that the plant runs for maybe a day, and then you stop and find out what you've got or how do you manage t o make adjustments and then do the testing. How does that all go?
Well, let me try and say this, that it takes probably six hours, possibly a little longer. If we adjust a density on the thickener, for that effect to flow all the way through the mica section and then all the way through the spodumene section and all the way up to the final cleaner in the spodumene section, could take a period of six hours, possibly longer, for it to stabilize. Then only can one start assessing. Now we get pretty quick results from our lab, but we tend to inundate the lab at times with the amount of analysis. They can only do. I think they can do round about. I can't remember the numbers, Graham, you were there. I'm trying to remember 20, 30 assays an hour, I think something like that.
You know, if you think about it, you'll take material in a slurry. It's got to be dried. Once it's completely dried, that material must then go through an acid digestion. All of this takes a period of time to get it dried, to get it sized, to get it milled correctly, then to put it through the acid digestion, then to take it and put it through and do an atomic absorption analysis on this. It takes time, and there's a lot of this. You make an adjustment now and then expect if you wanna get a full suite of results back, you'll be lucky if you get it in 12 hours. It's a tedious and time-consuming process, and it's been underestimated.
Since the new piece of equipment has gone in, you must see the results. Do you see improvements, gradual improvements in the property?
You see results that are better, and you may think that you're gonna have an improvement, and it isn't. You have some that goes forward and some that goes backwards. All the way down the line, one is refining to a greater extent. Yes, the plant manufacturer has said to us on a number of occasions that they are encouraged at where we're going, and they believe that there is a timeline and so on associated with it. I'm not prepared to commit any longer to a definitive timeline. From time to time, you do get some material. Look, we've produced spodumene from this at more than 6% already. We've produced SC6 under specific circumstances.
The circumstances were when there was a prolonged period without more new material coming in and a long residence time within a cell. Various different circumstances have occurred where we've been able to produce very good spodumene and where we've been able to produce at quantity. We can still push out concentrate in tons, large tonnage. Getting the purity and the grade into that on a consistently elevated basis is really the issue. Yes, there's a fair amount of other material there that that'll be 4.5 or five or three or whatever it might be. There are varying grades that are coming out. There's a fair amount of it along the way.
Yeah, the only time that you really see true tonnages and you'll see truly at grade is when this is all resolved and when we can then allow this plant to just run continuously. At that point, yes. My target hasn't changed. The target, the eventual target on this plant hasn't changed. You know, along the way there have been a lot of accomplishments, and particularly in regard to understanding the resource, understanding how much of this is spodumene and how much of it isn't. That's a very important feature of this as well, that a lot of people tend to report an Li2O grade, and I'll talk about this as a percentage. That doesn't mean it's all spodumene.
If you've got a lot of petalite or lepidolite or the various other minerals that contain spodumene, if that's what you're sitting with in this, it doesn't mean to say that 1.5% or 1% or 2% or 0.5% or whatever it is something you, that you can recover. It could be anything. We know with a massive amount of work that's been done, what percentage we expect in that ore body to be spodumene. No, there's good ore exposed on the patch. Oh, yeah.
Look, the other thing that's quite interesting about the pit, and I think I've alluded to this in RNSs before, is that when we do our actual in-pit drilling, blast hole drilling and channel sampling in pit, and we estimate the grades that we're getting in pit, it's round about 30%-40% higher than the original resource model. That's very encouraging.
Oh. Well, that's.
Yeah, that's. Guys, anything else?
The exit price.
I beg your pardon?
The exit price.
What product is there that can be sold will be sold in country. We'll sell it on an ex-mine gate basis. The party that wants it. There are a couple of parties that want it. The principal party that wants it, and from whom we should get the best price, wants to take it in parcels of 1,000 tonnes at a time. Now, there's probably the better part of 1,000 tonnes there at the moment. I haven't checked. But the initial 350 odd, we have the assays for that. We know exactly what's in that, but they wanted to make the parcel up to a bigger parcel. That will go.
Well, hopefully those in front are sent. It's not available. The mill's been running for, say, two weeks, you know.
It's not running continuously, as I say.
It's gonna stop.
Yeah. That's not running continuously. In terms of saleable, round about an average of 4% and possibly a bit bigger, it must be very close to 1,000 tons at the moment. There is other that is really not going to sell. Ladies and gentlemen, can I call it to an end, and can I thank everybody? Those who are online, if I can thank as well. Thank you very much indeed. I'm sorry that this chat issue seems to somehow or another have not been coming through to me. I'm sorry I don't seem to have the skills to have been able to resolve it. I'm very happy to deal with any correspondence, WhatsApp or however else. Wilna will be on standby as well.
To those of us here, thank you very much, and to all those online as well. Thank you very much indeed. Thank you.