im in spp at 1.95 last trade 2.29, page-5

Hi nose, I can give you some NPVs, two in fact but both by the broker Mirabaud. In January 2006 they calculated an NPV of A$2.41 per share. The assumptions applied were an 11% discount rate and long term V2O5 price of US$4.25 per lb. Mine life was asssumed to be 20 years. They put the cash costs of producing V2O5 by PMA at US$ 2.10 per lb.

In September 2006 they issued another NPV but this time based on the production of FeV80. As they say, "We looked at a range of discount rates (8% to 15%) but with the simple open-pit mining and low process risk we consider a discount rate of 10-12% is applicable for Windimurra." They value FeV80 long term in the range US$8-10 per lb. They then provide the NPV of A$3.81 per share for PMA.

Hope that helps.

Regards