Ann: Change of Director's Interest Notice * 5, page-30

I am unsure it works that way.

The DSO Basket price in the study was AUD238.6 which was based on the weighted price for BPH lumps, fines and APH product.

The BPH price assumptions is based on US$200/tonne and an exchange rate of 0.65 AUD/USD

As such, I believe the BPH price would be adjusted downwards and the APH stays the same.

Most of the margin is in BPH. APH price is below the project AISC.

Using your logic, if we reduce the DSO Basket price by 24%, it would be at AISC and there'd be no margin/free cash flow.

By the way the total 23 month free cash flow is $27.3m.

All this is academic as everything will be dependent upon the BOA.