Ann: Beer & Co. Research Report, page-8

Carefully reading the Beers & Co's research report on Avenira, I have discovered more pieces to the puzzle, and I really like what I see. For example, Table 5 show the payback on the SMP is just over 1 year before providing a net cashflow of $18M per year. That's a fantastic investment and that's just the SMP, meaning it's just the start.

There is so much blue sky when you consider the full mine permit in Senegal, JDC's IHP technology and superphosphoric acid (SPA), and it's huge profits using this technology in Senegal and at Wonarah. From a previous AEV presentation (www.avenira.com/wp-content/uploads/2015/12/AGM2013HighResB.pdf), the price for SAP ranged from US$1,000 to US$1,500/tonne. Guess the expected profits using IHP to generate SPA in Senegal and Wonarah. My own calculations show that AEV is the stock for the "Future" and will be greater than $2.

Always do your own research and seek advise if required.