Ann: Half Yearly Report and Accounts, page-39

in response to the earlier question about mine life here are the figures from Petra
IMA’s NPV is benefits materially from even modest mine life gains
Mine life NPV DifferenceSource: Petra Capital
6.5 years 0.31 Base Case
7.5 years 0.35
8.5 years 0.40
9.5 years 0.43
10.5 years 0.47

note there are two opportunities for extension
1 . drilling at Boonanaring - 1-2 years likely
2. inclusion of Hyperion and Helene in Atlas - 2 years extra
inclusion of 1 and 2 together would result in a valuation of 47c
Given Petra assume a much lower Zircon price , for every month and quarter that passes with a higher realised sales
price , the DCF value increases significantly. We don’t need much to go well for this to be a 40c plus stock in 24 months , simply the addition of 3 years mine life and prices to remain at current levels for 1–2 years