BASE, page-24

Scroogymcscrooge,

This isn't a cop out, I just don't speculate on share prices or market caps, because I never get it right. I just accumulate information and work from there. As per my above post, my real focus is on the supply dynamics - who wants feed, who's supplying it and what's coming online.

I can confirm that BkzDzn is correct. Tim Carstens has publicly stated that Toliara will be "on the left hand side of Kwale and 4 times longer". Now Kwale is currently running at 2.6:1, so it's not unreasonable to think that 3:1 is close to the mark. But it's all about capex, timeline and the funding.

The reason why Toliara will have a better ratio is related to the simpler processing due to a low slimes and no oversize deposit, also making a concentrate over the end product like at Kwale.

Base have said a number of times the PFS will be released 'mid march', 'late march', so if it is tomorrow, it will be a fascinating read.

I still stand by my thoughts from a long time ago, that the sulphate and chloride markets need Toliara to come online.

The Zircon industry could also do with a 60-100,000t per year of product also.

Pep