BASE, page-22

Also thanks Peppie for picking up the Iluka presentation.

Re above comment, I would say it is very difficult to say as it is all speculation. The keys are the long term economics of Toliara, the point the mineral sands market is at in 2022, the future of Kwale beyond 2024 and Base management not making material mistakes. These are all unknown but if Toliara's revenue to operating cost ratio is at least 2 to 1, the mineral sands market is at around today's level if not better, Kwale is extended to 2030 and Base management make no bad investment decisions and I would say not pay any dividends so the company remains well funded over the next 4 years (all big ifs of course), then Base shareholders will have a significant return by 2022 (my guess a share price appreciation of may be 3 to 4 times). But if the Toliara economics are not great over the mineral sands market cycle and Kwale finishes up in 2024 then the share price appreciation might be very modest. This is why investors at the higher end of the risk spectrum can dream about the upside and hopefully sleep well at night if you turn out to be wrong!