Ann: Financial Year 2019 Results Presentation, page-274

Hi Gareth, excellent point. Poor attention to detail on my behalf; as you’ve pointed out I was only referencing a buying stake. If we estimate SDV total development costs at $USD400-450m, then a 30% JV partner would assume around $120-$135m of those costs.

Using the sale of SDV north as a gauge, if we sold a 30% stake in SDV for the same price, we can assume an after tax amount of around $USD203m. Add $143m cash (equivalent) on hand and we’d have around USD$346m to play with. That would be sufficient to fund 70% of development costs (just).

Obviously this doesn’t take into account upcoming expenditure over the next six months. For the purpose of keeping it simple I’ve assumed that sale of the existing stockpile would cover these costs (roughly).