Ann: Pluton acquires additional 50% of Irvine Isl, page-72

re: Ann: Pluton acquires additional 50% of Ir... Hi Raks,

When you add the NPV of the potential royalty (ENPV) then the transaction was fair to both parties.

At the end of the day what shareholders are really risking is $5m cash for an additional 50% of Irvine. If Irvine was a dud what good would 19.9% of PLV and a royalty over nothing be?

I think this was a very good deal for PLV or I, and the Board, wouldn't have done it. When valued it was also fair to Cliffs. A win/win, the type of deal I like.

...and I said in the announcement, it gives us more strategic options now.

Cheers Tony.