Resource Development Group Limited announced a significant Ore Reserve estimate for its 100%owned Lucky Bay Garnet Project (Lucky Bay), in the MidWest region of Western Australia. Highlights include: Project NPV (8%) A$483m; Project IRR 48%; Total Ore Reserve of 202Mt @ 5.4%HM; Total Ore Reserve of contained Heavy Minerals 10.9Mt; Total Ore Reserve of contained Garnet 9.3Mt; Ore Reserve mine life 29 years; and Mineralisation open to the north and south. RDG acquired the Lucky Bay Garnet Project in February 2021. Lucky Bay's tenements, located between the coastal towns of Kalbarri and Port Gregory, are contiguous with the world's large supplier of highquality alluvial garnet. Highquality alluvial garnet products are used in the abrasive blasting and waterjet cutting markets. RDG intends to target coarsegrade markets in the first instance, that are undersupplied and potentially in deficit. A mining and processing strategy was developed based on an annual processing plant rougher head feed rate of 3.35Mt increasing to 6.7Mt in year 3. This equates to a basecase garnet production of approximately 130kt per year increasing to approximately 300ktpa when the planned second Wet Concentrator Plant (WCP) is commissioned, and highergrade ore is mined. Phase 1 capital costs have been completed with a 10/+10% accuracy for uncommitted items. Operating costs are considered to be to a 10%/+10% level of accuracy. A discount rate of 8% (real) has been used for financial modelling. This number was selected as a generic cost of capital and is considered suitable for economic forecasting. The financial model includes all project level operating costs as well as initial and sustaining capital costs. The Phase 1 capital expenditure of approximately A$60 million is forecast to be completed during First Quarter 2022 when commissioning commences.