Ann: CEO Small Caps Interview on the Recent MRE Update, page-2

Much needed damage control, and positive to also see the on-market purchases yesterday. But the Shareprice has taken yet another whack, due to yet another miss, and I think there is a lot of work to be done before the SP recovers.

Has anyone modelled as yet a draft DCF of the mine here? I've relied to date upon the company's announcements, but we've learnt this week that a version 1 study (MRE, SS) may be completely independent to version 2. Obviously, we don't have visibility of who is pulling together SS2, so I am rejecting any reference to the old study. I'd like to gain an independent view of how that might look, and thought I'd check it hasn't been done by someone here first before attempting my own.

The addition of the RPM high-grade M&I will substantially improve NPV and payback, it's worth remembering that later cashflows are discounted more heavily over time and hence early cashflow is key. Particularly from a Capital payback perspective, which is the key driver for funding & upfront value. I'd like to see the actual result of it's inclusion however, if no one has run this calculation (and is willing to share), I'll get started on a model. Cheers.