Ann: Compelling PFS for Kachi, page-30

Capital cost - USD544,000,000 (AUD830,000,000)

*Note: PFS completed to an approximate -20 +30% level of accuracy for capital and operating costs

Therefore Capital cost plus 5% (mid-point) = USD571,200,000 (AUD871,400,000)

*Capital costs exclude owner’s costs whereas operating costs exclude corporate overheads, taxes and royalties.

Commission, brokerage, legals, printing etc. to raise over half a billion USD = circa 8%

Total raise necessary = US$616,896,000 (AU$941,100,000)

Additional "owner's costs" ie cash at bank is required from now to "end of DFS" plus two (2) years just to run the company.