general meeting, page-16

Comprehensive post CPDLC.

Kickit - NPV of $80M sounds a bit on the high side to me. A lot depends on the throughput, mine life and tin price. The sneaky shot to the upside is the iron ore - could provide great value to us. A lot dependant on commodity prices.

I think $30M NPV would be on the conservative side and $80M NPV a touch on the high side so CPDLC's calculation on the NPV sitting around $55M is probably about right I think.

All the above based on playing around with a lot of what if scenarios, tweaking throughput, commodity prices and mine life. Also must be noted that these are figures the PFS will show so I imagine they will err on the conservative side.

If we go with $55M - from the scoping study general plant construction cost is budgetted at $85.5M with $11.5M in contingency funds within that $85.5M. So let's say we take out that contingency cost or rather replace that with initial costs for treatment and processing costs.

We are left with $30M to raise for upfront costs if SP kick in $55M. So this deal sees us pretty much locked and loaded to dive straight into production quite quickly. $30M can be raised through traditional debt facilities or else a combination of equity plus debt. Either way, I don't see much standing in our way IF the deal goes ahead. Off the back of that - I see a good case for a SP rerate once the deal is finalised.

My thoughts only. PFS will reveal all - can't come soon enough for me. Exciting times ahead.