Ann: **anintha Presents Robust Base Case for PFS, page-12

My question is how TMT capex is so much lower given they are planning higher throughput? Although AVL announcement does say capex includes a gas pipeline investment. Later in the doc it says gas is 19% of our opex and that the figure was based on quotes for delivery to site. Not clear whether this was via the pipeline or other methods and whether the pipeline investment will reduce opex. They are also looking into ways to reduce sodium cost which is 12% of opex. I think we will see close to $4/lb by the DFS.

Capex is large but I think that is part and parcel of a V project and in my opinion is why Vince seemed to be sitting on his hands for a long time. You want to be trying to generate that kind of capex into supply fears not where we were a year or two ago.

I think $13/$8 is probably the most realistic scenario so we are looking at an NPV of US$575.