Ann: 121 Mining Investment Hong Kong Presentation, page-20

Ans and you others: if it helps Re capex - BB of course couldn't say exactly the capex costs as they are still working them out for SS. However he did mention they are starting their modelling with 2.5 mill base plant model but trying to get it up to a 4 or maybe even a 5 mtpa if possible . The limitation on size depends is how much ore they can most efficiently mine when they need to go underground later. That equation is being calculated now.

As for costs I mentioned that as NZC in similar sulphide were doing 50 mill USD for 1mtpa plant I'd imagine we'd probably have similar numbers right? - BB thought (BIG Caveat here again : He doesn't know yet the cost yet - that work is underway now - but just a top of his head guesstimate when pressed - mainly to make me go away from the subject,!) was that yes he felt we should be roughly similar costs to NZC for plant - plus with each additional 1 mtpa on top at say at 75% of the first 1 mtpa.

so therefore from just my own very rough calcs -

A 2.5 mtpa plant would be 108 mill USD 1o8= approx 150 mill AUD & lets add 10% for good measure and say 175 mill AUD ?

A 4 mtpa plant would be 165 mill USD=approx 215 AUD - & lets add 10%ish for good measure round it up and call it 240 AUD?

A 5 mtpa would be approx 280 mill AUD ?

so roughly I guestimate our Capx cost is gonna be between 175 mill aud for a 2.5 MTPA to 280 mill for a 5 MTPA plant. which is pretty damned reasonable compared to our latterite cousins in Oz.

Guys I think thats all anyone can say at this point. It will all be out soon in The SS- which BB did said at the presentation will be a "robust" SS - (almost a PFS).

personally -and for no reason at all - I have a gut feel BB's might pull yet another effin great Rabbit out the hat with the SS, one that that could just blow away any current NPV estimates we may come to now.!! And I must state clearly -Thats entirely just IMO!!