release of dfs certain for monday morning imo, page-2

Sig. to note that the inferred resource will not be included in the DFS. With U price being whacked, the PFS base case of U$74 is very high compared to the current price of U$54.5, the NPV may be low, assuming the prev. base case is not still presumed. Risk is apparent post DFS IMO. eg. The PFS stated that the IRR was only 33% using U$55.5.

The BFS, then project financing will be ahead and PEN is another where their parameters will be highly effected by the U price. Resource re-modelling post DFS may be paramount.

I've also noticed the resource grade has increased in confidence post PFS, however a notable & sig. decrease in grade is apparent.

GL.