After the MDA, page-10

Always interesting to compare with peers in the same jurisdiction but need to also know the value of their in-ground resource, the CAPEX/OPEX to extract and how far they are from production to get a like for like.

Another approach I have seen is to take the project NPV and then apply a % factor to that depending on how advanced the project is towards production. The assumption being at nameplate production a company is worth 100% of its NPV.

Did RCR or others produce an NPV for Kanyika (Phase 2 as we know it)? I took a look on the Globe website (see extract below) and nothing but placeholder values (were they populated at any stage as it's a bit strange to have x/y/z placeholders).

But let's say for demonstration purposes that the NPV of Phase 2 was $800M (1500kt/a) and Phase 1 was $50M (90kt/a) then we might assess the value of GBE as 60% of Phase 1 plus 10% of Phase 2, or $110M? Need some real NPV values of course and we should get Phase 1 NPV at least with the PFS post MDA and be able to extrapolate Phase 2.