Ann: Brief Update , page-75

Hi Timber,

I've been looking at the numbers for ORD and by my calculations the net value of the Laos project is staggering... With that in mind I just want to make sure I've got my figures right. As far as I can see the combined LSI and Yuqida tenement (based on current resource and I know this could get even bigger with the Yuqida upgrade outstanding) is 187Mt which equals a total of 43Mt of Al using 23% cutoff.

Is this correct or am I missing something?

If it is correct and based on a low ball Al price of $1250 per tonne, the value per share is phenomenal compared to current SP... Won't even start on that valuation based on current Al price of roughly $2100 per tonne...

Your thoughts would be appreciated.