Ann: Positive Scoping Study Completed on Opuwo Cobalt Project, page-413

Sorry my numbers were a bit wrong (again last calc) I was being too bearish -as usual.

So look very roughly a 5 MTPA at 0.11% Co = 5,500 tons  x 95% our share = 5,225 x 88% recovery= 4,500 Tons of co.

lets presume conservativly USD 45,000 a ton Opex cost after of all Cu and Zi credits.

At current market price on MB is USD 73,000-  means 28,000 USD profit per ton

4500 x 28,000 USD = roughly USD 126,000,000 per anum profit

=AUD 175 mill USD potential profit per annum (EBITDA) for say 25-30 years?? =AUD 4.3 billion L.O.M Ebitda.

Even if potential Capex is 5-600 mill USDish. Thats still attractive for a big suitor most big players dont want to screw around with little projects,

So If the bidder then bought us out pre everything for just 2x potential earnings thats AUD 350 mill.

AUD 350 mill  divided by 800 mill shares = 43 cents a share.

And thats at current Co prices. Wait till they start rising again.

As I say we are in a geared warrant on the Co price.