Potential 456% - Target price 72 cent

	Column 1	Column 2
0	Metro Mining (at discount rate 15%)
1
2	Bx = US$/t CIF China	65
3	Discount for high silica content	-9,4%
4	Bx = US$/t CIF China effectiv	58,9
5	AUD /USD (long term plan)	0,81
6	CIF China in AUD/t	72,7
7	Shipping to china in AUD/t	-17,4
8	FOB price in aud/t (see PFS)	55,3
9	Royalties in aud/t	-6,4
10	effictive price sales price aud/t	48,9
11	operational costs aud/t	-20,3
12	operational magin in aud/t (see PFS)	28,6
13	---------------------------------------------------------	--------------------------------
14	Sales in MioT/Year	2,0
15	---------------------------------------------------------	--------------------------------
16	Gross Profit in mio aud/year	57,2
17	interest in mio aud (at 8%)	-1,4
18	depreciation in mio aud (at 10 year amortization period)	-2,7
19	EBT in mio aud	53,1
20	TAX (28,6%)	-15,2
21	Profit /year in mio aud (see PFS)	37,9
22	multiplier	6,4
23	Total value company	243
24
25	Capex in Mio AUD	27,4
26	borrowing capital in Mio AUD (65%)	17,8
27	new own capital in Mio AUD (35%)	9,6
28
29	Issue price new shares beginning 2016 in audcent	20,0
30
31	Shares old	288
32	Shares new	48
33	Shares total	336
34
35	Value in mio aud	243
36	Shares total in mio	336
37	Price Target in aud	0,72
38
39	actual price in aud	0,13
40	potential	456%