Ann: Sorby Hills FEED Study Results, page-13

Exactly which means we are expecting a CR of 70-80M when the time comes. If we could get our MC up to about the same point by the time that happens, I would be happy. Would require a SP of about 35c for that to be the case which although is a 3x, I dont think is unreasonable.

Updated financial metrics are great. They have not been sitting on their hands the last 12 months whilst in this commodity price/financier "holding pattern". They have added 73M Net cash or 41M NPV cash, thats a decent reward to SH during this period.

I note (as have some others) that they may be pushing the offtake down the track a little (months not this month?). Also after some hesitancy to release timelines in the last 12-18mths, they have stuck their neck out again by releasing this, lets see if they can meet them.



PS: Not sure why it takes 1.5years from start construction to first production, in my experience thats pretty slow?