Ann: US$65m for 5% sale of Goulamina and Continued Suspension, page-336

Hi Gareth, you're quite right, I used an old spreadsheet which had an incorrect equation in it.

So please ignore my mention of the 41% in that post and a previous post.

Despite that, I think as we near completion the discount applied to Leo should reduce given we are building on budget and on schedule which many believed we would not achieve because of our location. As it turns out problems the market thought Leo would experience have turned around and bitten Australian Developers/Producers. Core with it's production problems creating a very high C1 cost let alone AISC. LTR having the banks pull their finance.

I think our biggest asset in this market is that we are low cost, if this downturn is prolonged as many are suggesting, companies like Core & LTR just won't survive, I listened to the MinRes webinar yesterday, Chris Ellison certainly thinks (hopes) lower prices will be around for 3-6 months more, he was openly inviting smaller explorers to JV with MinRes. No doubt Gina is waiting in the shadows to pick up carcases too.

There will almost certainly be an over reaction when we trade again as many exit. The purpose of my previous post was to give some indication as to what is a fair price for Leo in the current market. Much will depend on just what is announced, till then we can just speculate.