Ann: Kanmantoo Underground Decline Progress, page-33

Not just little - I've made this error before trying to use double negatives - should give them up

Corrected post below:

I read through the complete Economic Assessment last night. I also went through a fair few mining companies Scoping Studies and DFS looking at IRRs etc.

Only my rules about portfolio balance are holding me back here.

The IRR on this project is through the roof. And given the fact that nearly every part of it is in place already, the confidence levels in those values must be very high.

Yes, the over riding caveat is that more resource will be required - but when you look at the prospects they have, and the results that have already come through from those prospects, it seems very unlikely that the mine life won't extend significantly from the initial assessment. And all of the drilling and JORC update can happen in the background, using cash from sales, while the company is bust mining and processing the current resource.

These sort of returns at that level of IRR - extended out over multiple years - is going to spin off a LOT of free cash flow for the company and ultimately shareholders.

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