proactive investor article, page-7

This has to change your sentiment to LT buy, 100k per month in year 4. 2mill current MC

Cielo Capital has undertaken detailed financial modelling on Condor's Marianas Tailings Iron Project located near Copiapo, Chile. Some key points of the project, in which Condor holds up to a 50% interest, include:??

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• Financial modelling of two capital expenditure Scenarios, the first of US$1.4m (excluding a conveyor system) and the second of US$5m including a conveyor system?.

• Scenario 1 provided an estimated IRR of 462%, a project NPV of US$61.1m (discount rate 8%) and a Payback Period of less than 3 months.

• Scenario 2 provided an estimated IRR of 154%, a project NPV of US$54m (discount rate 8%) and a Payback Period of less than 9 months.
?• Condor estimate production can begin within 3-6 months of funding approval, providing early cash flow.
• Condor expect a mine life of up to 10 years, estimating up to 100,000t of ore mined per month from Year 4 onwards.
• Estimated low ongoing operating costs due to the ‘materials handling’ nature of the product (i.e. re-treatment of treated material).