Ann: Globally Significant Maiden MRE for Colossus IAC Project, page-136

Hello. I'm back. So this spreadsheet adds another $10/kg for full oxides using IXR's technology, which means $5/kg to IXR and $5/kg for VMM. That is another $29M to VMM although the IXR refinery will also have costs so, being generous, lets say another $20M to VMM, which comes to $125M in revenue less $70M in costs less $5M in royalties less $15M in tax = $35M in cash flow = 8 year payback. But then I guess VMM might pay for 50% of the IXR refinery so how much will that cost? The payback will be probably at least 10 years, maybe 12 years, and all of the CAPEX means lots of share capital dilution. It appears to be merely a dream.