Ann: Change in substantial holding, page-120

evidences shows that this was going to be capped at 15c or lower, only because of China announced Antimony export control then price has been pumped up higher, when the hype cool down, it would pull back to around 20-24.5c, that is the two 61.8fib from 1. ATL and 2. beginning of current rise, and this will give us MC of $61m - $75m. base cast NPV is around $157m, after adjusting 35% accuracy then lowest NPV could be valued at $102.05m, with 16m-24m to go before production, I think it is reasonable to value it at 70-90% of NPV, so worst case at 70% of $102.05m that is $71.435m M/C which is within the two fib range I mentioned above.