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Ann: Hardman & Co Research Report, page-25

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    Hardman Fair Market Value Estimates for 100% of the Mount Peake Project
    Parameters as above, except
    Exchange rate 0.77 A$ to US$
    Estimated Sales Prices US$14,700/t V 2 O 5 , US$3 , 090/t TiO 2 , US$360/t Pig Iron
    Life of Mine Revenue A$25.5 billion
    Discount rate 12%
    NPV12 on financing & permitting A$3.3 bn (exc interest, D&A)
    Fair Market Value on current issue A$4.63 /sh

 
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