cost of getting too production

Hi guys

I hope everyone is well.

I was hoping some of you guys maybe able to put up a figure for a benefication plant and CAPEX what EIO may require to get to production. Dollar terms.

We have some 250 million shares on issue and after final capital raising at what guess EIO may have on the registry at a later date.

Has this been raised at the AGM

AKI was sold for basically 400 million dollars for some 112 tonnes @ 45 % FE

We already have 488 million tonnes so 4 times as much and assumming a similar grade once metallurgy comes through we have a sale price of at least 1.6 Billion dollars at todays market even tho AKI was sold when spot prices were much lower.

assumming the resource target is reached and Im confident Burston wouldnt say what the target was unless it could be reached we are looking at a market cap of at least 4 billion ( can someone check my numbers ).

With that being said if a further 250 million shares were issued to get this too production, so toatal now 500 milion shares, even at a sale price of 400 million which is conservative too say the least we are looking at 80 cents per share not taking into account sovereign risk ( Nigeria) and even if you wanted too be even more conservative and applied a discount too EIO because of nigeria say 25% we still have a share price of 60 cents.

This will only happen once we derisk the project further, condidering what has already been achieved in 12 months the next 12 months will be very interesting.

Personally I think if my numbers are correct and the Metalurgy stacks up 1.6 billion tonnes of ore is worth 5.7 billion dollars.

5.7 billion dollars at a billion shares on register is 5.70 dollars

500 million shares on issue is a share price over 10 dollars.

People tell me my calculator is speaking to me correctly.

Thoughts anyone

Regards

NB

At present with only 250 million shares on register and a conservative sale price of 400 million that is 1.30 dollars. a 1 dollar profit from where we are now.