Ann: Carrapateena Pre-Feasibility Study Presentation, page-9

As a bench mark:

• Oyu Tolgoi DFS reported a IRR of16% with a CU price of $2.0 lb and AU $850 /oz. I think this was before the CAPEX blow out and the delay in Stage 2. Oyu Tolgoi is third biggest project in the world so not a fair bench mark for Big C.
• NCM’s Wafi-Golpu PFS (which is currently being revised) does not report a IRR (assume sub 15%) but assumes a CU price of $3.10 and an AU price of $1,250 in the mine reserve.

Big C obviously has a lower risk profile than both Oyu Tolgoi and Wafi-Goupu given its location.

One thing is clear, OZL’s current Market Cap of $1.4B does not carry much value for Big C, so there is definite upside if a deal can be made.