Ann: Placement of Shares Section 708A Cleansing Statement, page-11

Well you have clearly already given your target price of 2.1c.

Start up capital if they go for a two stage process is c. $40m.

BOA + DFS in my opinion send this to $50-80m valuation. From that point even if they have to fund 100% equity (probably not likely) we are talking maybe 1.5bn SOI.

NPV of $541m for 1.5bn SOI is about 36c per share in 2-3 years time.

Even if you take a conservative EPS calc on Stage 1 alone it comes out to about 0.75c/share on a 100+ year LOM. Worthy of 12x multiple gives 9c target in the next 12 to 18 months.

This is all taking worst case of 100% equity funding.

Also do you really believe cobalt projects won't receive finance in the current environment?