Ann: Positive Urucum Underground Pre-Feasibility Study, page-22

I think you are showing a bit of modesty there riverred, you seem to have a pretty good idea of the variables and the mechanics of such, but I am happy to try and put some numbers to your idea. Keep in mind this is going to be an overly simplistic model.

Let's use one example as what our current status quo is - let's call it 150k ounces, 800 USD AISC, POG of $1,200 USD and an fx rate of 0.75. LOM = 7 years

BDR earns 150,000 x (1,200 - 800) = 60m USD, converting into AUD gives us 80m p.a.. LOM is 7 years. Expected cashflow is 560m. Divided by 800m shares this 70c per share.

Lets say 160k ounces, 750 AISC, 1,100 POD and fx of 0.70, LOM = 10 years

BDR earns 160,000 x (1,100 - 750) = 56m USD, converting into AUD gives us 80m p.a. We now have a LOM of 10 years though so we earn 800m over the time and we have 1056m shares on issue. Earnings are 76c per share.

Obviously this also doesn't include a lot of aspects of the dynamics but in simplistic form demonstrates your point I hope