Review of ASX typical laterite and sulphide cobalt player's SS and PFS, page-149

Agreed, hence why I have adjusted each companies NPV in my comparison to use the same Spot prices, Tax rate, exchange rate and discount rate.

At this point in time I have made clear my position on ARL, you may be right that CAPEX will increase. We have two major reports due Q3 which will either confirm or deny this, namely ARL 2.25mtpa SS and AUZ BFS.

As we will be using the same equipment and gen 5 HPAL as AUZ I would have high confidence we will at most have a similiar capex to them if not below. Remebering their study is for FID.

Finally it was clarifed that SKI have not confirmed in writing they will find the CAPEx although it has been implied, they have only agreed to assist with funding.



Sorry one more thing Red thank you for the chart though there are a couple of mistakes with COB. The figure you have used for NPV is pre tax using a 7.5% discount rate and 0.71-70 exchange rate LOM.

I have copied and pasted my calculations once everything is converted to the same base line as my ARL / CLQ comp.

	Column 1	Column 2	Column 3
0		USD	AUD @.75
1	NPV	$ 233,708,805	$ 311,611,740
2	Discount Rate	8.0%
3
4	IRR	16%