TON chart, page-4

Alternate to the NPV - all IMO

Can see then if on Ancuabe large debt finance protects the value

$US 44m ($A58m) EBITDA / 768m FP
=7.5c per FP

Allow for a modest equity component but. Largely debt financed , maybe bring that figure back to 5c / FP.

Slap an earning multiple against that .

Then Nicanda hill - it just depends again on how the JV finances it. What equity is left to TON (50% ??) and what if any script dilution is required or whether we can push some of Ancuabe production revenues toward it .(unless free carried)

So those NPV are awesome , but it always comes back to how we protect EPS. (More a reflection of our peice of the pie after any JV participation and financed)

- minimal script diluting , eg via debt and by JV project equity and partner funding - where we lose a chunk of NPV to the partners plate - but we don't have to dilute with more TON script

Exciting times ahead - Buf Let's take it one step at a time.