Ann: Fremantle Conference Presentation, page-16

Hi Keith,

Cash flows and NPVs are a very interesting thing to get your mind around.

Your right, with equity funding, we end up with $230M forecast. Subject of course to the pluses and minuses that will occur over the next 3.5 years. The down side is we have an additional 500,000,000 shares to share it with.

Let's hope all the minuses happen in the early part during the ramp up with CU price down circa $1k/t and costs up a few percent. Plenty of room for pluses with the plant forecast to run at 40% capacity. Early dividends are a big ask under the circumstances but the bank balance will build back thanks to the equity funding.

The project cash flow chart stays the same. It records expenditures and receipts from operations. Its not about bank balances that's a different story.

HI Foyt,

I agree the talk of a take over getting up is nonsensical. HGO doesn't need the support of a cashed up predator to achieve its strategic vision. A takeover needs the support of 90% on the shareholders. Good luck with that given our pay day is just around the corner. If Freepoint or Ariadne had a crack they would be lucky to get a few percent. If anyone else did they would be wasting their time IMO.