new hardman report, page-8

Hi Oly,

don't understand your 88-38 comparison.

Perhaps you mean the Molyhil DFS, where there is mentioned a 88 million $ NAV IMO?

The numbers in Hardman report are in Pound.

In the first Hardman report to Thor they showed a NAV for Molyhil (10% discount) of 18,2 million Pound, an asset value per share of 37,6 Pence and a discounted cash flow for the Molyhil project of 49,8 million Pound.
Pay-back was in their eyes 9 months at that time with 4 years mine-life.

Now we have this new Hardman report based on new Molyhil resource update and the figures have changed (but not dramatic):
NAV is now 15,6 million Pound, AVPS 34,6 Pence, discount is 8%, pay-back 18 months and capex 44 million $, 5.5 years mine-life.

Interesting that they've told the MM better to do a re-running of most elements of the DFS because of the metal price movement.

Also interesting that they've written in this new report some lines to Hatches Creek, where exploration should commence soon (survey and later drilling too).