Business case, page-2

There is a lot to get your head around. I suggest you start by reading the AGR announcement dated 19/8/15. That was a preliminary economic analysis of the project. They came up with a NPV which was 8.5 times the current market cap. The ASX were not happy about this because it was based on an 'inferred resource'. Since that time AGR have been furiously drilling in order to prove up the resource. And they have quite considerably. As well they have reduced the projects cap ex and op ex markedly. So now we are waiting for the BFS which will be based on firmed up resource estimates and revised costs. I am expecting a significant improvement on the first NPV number. We should know the final numbers by Oct/Nov.