Akora (AKO) VS Hawsons (HIO), page-34

I estimate that HIO would need to raise about $4 BILLION AUD to build their 20Mt per annum mine.

HIO would also have fairly significant operating costs.

AKO are in the final stages of producing studies that should confirm the potential for a very low cost DSO start up.

My initial estimate was for a $300m capex to go DSO mining, but I think it could be as low as $100m if they choose to start smaller and scale production.

The DSO starter operation would then generate the revenues for the company to self fund the development of the primary 10Mt - 20Mt per annum mining operation.

I also believe there is the potential for the DSO equipment and operations to move to other tenements in the Bekisopa district which would allow the company to continue to perform low risk and low cost DSO mining in conjunction with the DR ore mining.