HIG Breakout, page-7

Mallis, thanks very much for your balanced view.. much appreciated.

So, what is the current and projected value per share of HIG based solely on RAMU.

Not taking into account all other massive projects,  FRIEDA, SEWA BAY, STAR MOUNTAINS.

Calculations taken from company reports show projected 23 cents per share and onward.

RAMU:

HIG shares on issue 950 M.

HIG cash:  $A9.5M

HIG current ownership of project:  8.56%

RAMU value  $2.1 Billion

Current HIG ownership value: $180M

Current HIG capital debt to RAMU:  $97M paid of at $20M per yr. leaving 10M cash.

HIG debt 2019   $73M
HIG debt 2020  $59M
HIG debt 2021   $44
HIG debt end 2022 NIL

HIG free cash-flow 2023 onward  $30M++ per year.
HIG capital value RAMU 2023 onward $180M +  $40M cash = $220M

HIG base case capital value per share in 2023 based solely on cash and RAMU = 23 cents per share.

HIG value to grow by $30++ M per year.

GLTAH