Ann: Quarterly Activities Report, page-588

At least. If they pull it all off with resource upside I'm expecting for Taronga, plus LOM extensions at Granville I can easily see 500m MC. Could be a lot more if there are some acquisitions along the way and if Tin and Silver prices have a good boost in the next couple of years which I'm also expecting. I'm more uncertain around the AUD which may get stronger and offset some of the commodity price gains. I don't see the AUD dropping down to the low 60's that a lot out there are predicting. I'm tipping a range of 68-80 over the next 3-5 years due to a weaker USD. The AUD will weaken just not as much as USD imo.

I'm not really taking Kilkivan into account in the LT because I don't know what will happen with it. We may sell it, JV, spin off or develop ourselves. I think Kilkivan will prove to be a very economical world class resource which has massive x-factor to our SP. What ever happens to Kilkivan my money will most likely be following.