calling danash, page-6

Danash - great work. A couple of questions though:

1. Are there any companies besides WHC that you have considered when calculating the EV/Resource multiple? Maybe some companies not subject to takeover bids/speculation so that a premium isn't incorporated?

2. How sensitive is the DCF to an exchange rate closer to 0.90 in the medium term?

3. Where did you get the 20/25 year mine life from? Did you assume production halts after this or did you apply some sort of terminal/salvage value?

Sorry for being a pain - great analysis though!

BC