Minimum of 76.5c per share

Hi all,

I know some have probably identified the great deal that has been done here, but I am really, truly impressed by the overrun option.

Very simply at US$4.5m per 1%, this equates for PVDs 23% to value at US$103.5m or A$125.4m (at .825 Xrate). Using 163,9m fully diluted ordinary capital, the funding option is the equivalent of placing stock at a MINIMUM of 76.5 cents... and only if we need and want to. It secures an option for future funding at a huge premium which would only be likely used in a worst-case scenario.

FAR, TPT and just about every other offshore junior would give their first born to have this kind of funding OPTION which is so much more valuable to PVD and its shareholders than a fixed permit equity sale agreement.

It takes an awful lot to impress me. Well done DN and team.

Now get on with **on, will ya?

cheers