Let's look at what we know..., page-6

Hi Alpha,

Someone has been working hard!! Thank you for this,

I believe as per you the upside is significant, and potentially your share price projection is possible, but I believe the large SP tag will be in line with the licensing of Waterberg one.

$2-$3 with the current plans, and then as we ramp to 20MT, and Waterberg is in action.. $6 plus!!

This is all speculation, and using your numbers above;

I would consider the following.

1. Additional expenses to be added in excess of interest.
2. We must consider the domestic coal rates that are substantially different
3. The debt level would be upwards of $600M, as rail is $65M. Total of Noble debt, CHPP, cash flow through to production and other.
4. The electrical debt would be just about done.

With regard to dividends, these are for when debt is paid off, so yes, it will be possible and the yield would be great given we only have a 20c SP, that being said, we are working an idea, that I will share later.