appendix 3b, page-24

Premature yes but all i'm saying is...........

if we just focus on Latrobe

If the deal progresses until 2030 the coldry plant will produce in excess of 200m tonnes of BCE probably a lot more. But let's stay with 200m tonnes.

Tincom will pay $5per tonne royalty to ESI, that's $1bn over the life of the deal.

Todays Market Cap about $25m (fully diluted)

IF the FS is completed succesfully later this year and the SP reasches ESI .12 & ESIO .10 the market cap will be about $135m.

Even if you double or triple the MC to $270m or $405m(unlikely) ESI still presents as a very attractive buy for Tincom at the approriate time.

That's all i'm saying

tbedon