Ann: Manono Lithium and Tin Project Expansion Scenario Update, page-50

Some basic figures below to show difference between valuations at 4.5mtpa and 10mtpa and also a range of SC6 prices. Make your own mind up on SC6 pricing and PE ratio

* For simplicity shown as all SC6 and no PLS.
* No additional revenue for Tin or other products
* OPEX from DFS (which should be improved upon)
* Obviously higher Capex for 10mtpa
* Valuations on 10mtpa x 2 for possible 20mtpa operation in the future

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
0	SC6 Output	SC6 Price Received	Revenue	DFS OPEX ($371/t)	Profit USD	Profit AUD	AVZ 51%	MC @ PE 10	MC @ PE 20
1	700,000	673.70	471.6m	259.70m	211.89m	282m	144m	1.44B	2.88B
2	700,000	800	560m	259.70m	300.3m	400m	204m	2.04B	4.08B
3	700,000	1000	700m	259.70m	440.3m	587m	299m	2.99B	5.98B
4	700,000	1100	770m	259.70m	510.3m	680m	347m	3.47B	6.94B
5
6	1,600,000	673.70	1.07B	593.6m	476.4m	634m	323m	3.23B	6.46B
7	1,600,000	800	1.28B	593.6m	686.4m	915m	467m	4.67B	9.3B
8	1,600,000	1000	1.60B	593.6m	1.006B	1.34B	683m	6.83B	13.7B
9	1,600,000	1100	1.76B	593.6m	1.166B	1.55B	790m	7.9B	15.8B