announcement out !, page-16

The way I understand it:

1. Cockatoo is not part of PLV's asset package and is not part of the Net asset valuation that appears in section 10.1.
Neither is the $50 million appx that PLV will receive in tranche 4C (environmnet bond of $20 million is also excluded)

On the other hand the 4C share dilution of some 35 million shares is also excluded.

2.For the purpose of identifying if the Cockatoo deal is reasonable there is a valuation for this 14 month stage 4 project of 1.2 million tonnes at appx $11.8 million NPV, but it is not part of the PLV asset package.

The cockatoo stage 4 valuation seems disappointingly low to me ..... if I have understood it correctly.

Maybe the DFS is going to be the only report where EVERYTHING is laid out and complete but I'm frustrated by the incompleteness in all the major reports. Makes Cockatoo look poor value to me ( except for infrastructure synergies) .