the chance of another delay, page-23

The effect of the PFS on the SP will depend upon the various aspects and financial metrics. I will be interested in the following aspects:

If the pre-concentration wins out the old Intersuisse financials should be blown out of the water.

What production rate can be achieved on start up and achieved over the first three to five years against what is the capital spend. Again the DSO and pre-concentration will have a major affect here.

And lastly what iron ore sale price will be used. Intersuisse used conservative metrics. If we are only 12 - 18 months from production the initial years may have a more favourable prices.

Very eager to see the PFS. This could very well be a significant Company maker for PLV.

Good luck all.