Ann: Site visit research note - London, page-25

Mick, I have assumed a contract price significantly discounted to the current spot price which is normal practice. There is a truck load of price upside with this IGV given the resource potential below 200 metres; revenue generated from by-products; and the rather conservative recovery rate. However, this will be countered by capital dilution when shares are released from escrow and if the LPI options are converted to fully-paids. Nevertheless, LPI will still have a fairly tight capital structure.