LPI Stage 1 & 2 DFS delivers NPV of $5.9B, page-97

Paragon talking about the restructure of MSB project structure. Long been touted - is the reason BRZ divested its non-Maricunga interests a couple of years ago. BRZ most probably the first up target - offer price would benchmark that for remaining entities.

Two potential options for Maricunga going forward: This is PURE SPECULATION.

1. BRZ is taken over by an entity wanting direct participation in the Maricunga project (Mitsui???). Borda Group and LPI merge and hold 82-83% of the Maricunga project and / or divest down to 70 to 75% leaving JV partner with 25 to 30% of the Maricunga project.

2. The entire Maricunga project is taken over by another entity if the price was attractive enough.