anny,s, page-3

Gday Roy,

We had an ann last Wed (24 holes).

On your earlier question, I think one can look at AKI as a possible comparison of how this could play out.

You might recall, Exxaro took it out Q1 this year for $338m. As the project was 92% owned by AKI, that valued the whole project at $368m.

Like AKI, we also have heavy-rail haulage possibility.

I also think there's good chance our resource will be much larger.

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