Ann: Share Purchase Plan Offer Document Despatch, page-46

Daz,

If you are looking for long term returns, then the short term price does not matter much. Timing your trades helps, but it is hard to predict how the market is going to react. You should never expect to get in right at the bottom of a wave or out at the top. The trick is to be in on a rising tide and to get out on a falling tide. CAI is on a rising tide. Given the way the market is I don't expect much of a rerate until about 6 months before first pour. The shareprice of any share is a voting machine and is affected by all sorts of largely extraneous factors - that is what creates the waves. The value of a company is the risked discounted sum of future cash flows (NPV) - that is what creates the tide. CAI is on a rising tide because as each milestone is passed the risks reduce (if you like before a milestone is passed there is a risk that the milestone won't be achieved and once passed that risk no longer exists - getting to fully funded status is a really critical milestone which a lot of seemingly good projects never achieve). Also the NPV is rising. NPV only gets formally calculated (it is the product of a spreadsheet into which quite a lot of assumptions and educated guesswork goes into individual cells but the formulae are standard), however as more Oz get added and LOM increases NPV increases. Ultimately I expect we will get to around 20 years LOM and 3 to 4 MOz, but official NPV can only account for what is sufficiently evidenced.

In short, chill out you are going to make good money on your investment. Personally I am looking for dividends to fund my retirement plans. I hope to retire mid 2023 and shortly thereafter take another trip to Oz. My youngest son's godparents live in Melbourne and a few years ago I took the family on a trip from Cairns down to Sydney then over to NZ. I want to spend longer doing more, leaving the by then grown up kids behind. I will get over to WA and would like to visit my mine - I am not sure how keen the Mrs would be on that bit of the itinerary, but if that is what is funding a lot of the rest of what she does want to do, I will probably be able to convince her.