Ann: CGGC Delivers Draft Erdenet to Ovoot Rail Feasibility Study, page-41

Ovoot capex only 144m

margins ? Rail would contain the largest cost, being transport.

Whatever that margin is, 40/t ? etc, x 10m tpa = 400m pa ??

The IRR on capital, is Potentially incredible.

A shallow , sizeable resource, with low mining costs, waiting for cheap rail to run past its front door.

What speculative value comes through our doors, on the occasion that the north rail consortium come middle may, give the thumps up.? !!

Does the market say, whatever Nobles wobbles are, we'll take a position, and view that there are large, and significant consortium partners involved to absorb any transitions that Noble may involve.