Ann: Investor Presentation - Brisbane Minerals Metals Conference, page-150

….. I’m broadly with Pezz here, DFS is usually more conservative than PFS, and we’ve had cost inflation, and deferral of profits with the change in ramp up. DCF analysis is very sensitive to change in near term cash flows, so change in ramp up could be a big drag.

On the positive side, the pricing looks better, and the PFS Npat estimates of approx. $57m broadly support the current share price. Hence if we maintain these npat numbers (I hope for better at full run rate!) and you can hold Concrete / NNT / HPA / DSO as your upside, then i think we’re still in very good shape at current market cap $600m.

Concrete could be an extraordinary market. James talks of an Aussie market of 30,000t, world penetration would blow that up. Hard to pin a number on it so I won’t, but it would easily dwarf the npat described above. Cc/nnt demonstration at scale could support a licensing deal this year, success in that arena in these times, then all of your dreams will be realised. So don’t pin your hopes on the DFS, look at it as providing free upside.

Cheers.