Robust Resources Ltd. Altura Mining (AJM.ASX)| Price = 13c | Target = 30.5c | Robust DFS =3A payback 1.8 years

Mineral Resource Estimate increased

Ore Reserve and Mining Inventory increased

DFS Results announced

Beer & Co affirms Strong BUY, High Risk recommendation

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AJM announced an increased in its MRE; Indicated Resources increased from the 11 February estimate of 26.7Mt at 1.05% Li₂O, for 280kt contained Li₂O, to 30.6Mt grading 1.04% Li₂O for 318kt contained Li₂O. Overall resources increased from 35.7Mt at 1.04% for 372kt contained Li₂O to 39.2Mt at 1.02% for 400kt of Li₂O.

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AJM announced an increased in the Ore Reserve Estimate, from the 11 April estimate of 18.5Mt at 1.07% Li2O for 198kt of contained Li₂O, to 20.3Mt at 1.06% Li₂O for 215kkt of contained Li₂O.

The mining inventory, which includes material within the pit shell used to define the Reserve but not included in the estimate of Indicated Resources, is 21.6Mt, or 15 years of mine life.

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The results of the DFS show a variation of 10% or less from the results of the PFS in April, with higher throughput (1.4Mt/yr to 1.54Mt/yr), pre-production capital costs ($124m to $132m) and operating costs ($298/t of product to $316/t), with about 2/3 of the increase due to lower assumed recoveries, from 83% to at least 80% in 75% of the testing.

AJM�s Pilgangoora project is a very robust project; the DFS shows a pay-back period of 22 months, but Beer & Co�s modelling, due to higher near term prices, shows a pay-back period of about 15 months from first product.

First product is expected in December 2017.

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Beer&Co.
ACN 158 837 186
Authorised representative Melbourne Venture Securities Pty Ltd
www.beerandco.com.au

Author:
Pieter Bruinstroop
pbruinstroop@beerandco.com.au

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Beer & Co model has been revised for a large number of relatively small changes. Our revised valuation is 30.5c/share, which is more than 2x the current share price.

Beer & Co affirms our recommendation of Strong BUY, High Risk.

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