Thanks PG. I threw a rough financial model together last night...

Thanks PG. I threw a rough financial model together last night which I'll post up this evening. I'm no accountant, not by a long shot, so its not meant to be any prediction of future price / cash flows but more for collation of info as it comes to hand and to run some sensitivity analysis. For all I know there might still be fundamental errors with the equations. I'll try run my eye over it again before I post. Assumptions in there at the moment:

• 6mtpa plant ramping up over 2 years
• Open pit for first 4 years increasing in depth to 50m
• Strip ratio of 5:1 assumes vertical ore body 6m wide to 50m depth with 60 deg pit walls
• 100% Sub level open stoping year 6 onwards
• ROM build first 3 years, no value attributed to stockpile
• Higher cobalt grade (only) for first year
• No change in commodity prices
• Mine costs as per HAC30’s guide
• Processing cost- Very rough but as per ANS / Binwood guesstimate
• 15 years calculated (only 10 shown) but depreciating capital straight-line over 20 years
• Cap raise entirely from new issues / dilution ($600 million @ AU 25c, 2.4bill shares issued)
• US$500m Capex, ~$10m per annum sustaining capital
• 37.5% mining tax, 3% royalty payment (https://www.pwc.com/na/en/assets/pdf/namibia-tax-- reference-and-rate-card-2018.pdf)
• No tax concession built in for Walvis Bay / Export processing zone
• $50m development expense to see us through to construction
• $50m working capital
• Earnings per share- I’ve used taxable income for this. Not sure if that’s right.