future?, page-27

From ADY's Presentation:

Slide 5 of ADY's September 2007 Presentation says:

Correction: ADY only had 60% in the JV. Therefore, a projected EBITDA of US$67.5 to Admirality implies a projected EBITDA to tye JV of US$112.5. Adjusted figures:

"2009 expansion will be 7.2m tonnes from Santa Barbara 2.8m from Santa Fe, providing revenue on FOB of US$450m and EBITDA $67.5m to Admiralty"

....................................US$M

Revenue FOB: ......................450.0
Less EBITDA: @ 100%................112.5
Projected Operating Costs.........337.5

Projected Production................10Mt

Projected Costs per tonne.........US$33.75

Regards

SP