not much uplift, page-4

Surfrat

A potential comparison is with Bannerman's Etango project, also in Namibia and very nearby. Current numbers for this are just over 600m US dollars for capex but excluding mine fleet and working capital. So adding these in to make comparable with the Husab DFS would say bring it up to 800m? Considering Etango is projected to produce at between 5-7 million pounds U3O8- ie just under half Husab's projected 15 million pounds- that makes the costing of Husab for a much bigger mine output comparable, ie to be expected. Also Husab's estimated opex is 32 dollars per pound U3O8 while Etango's is higher at 42 dollars per pound (PFS numbers for Etango).

So the $1.7bn US dollar ballpark capex for Husab looks proportionate- the problem is can a junior raise this money, especially if two-thirds is to be debt,for a Husab standalone (ie without a joint development partnership with Rio in the current markets? Most analysts that have commented recently in Oz seem to think not which is maybe why the uplift in both Extract and Kalahari shares has been so moderate post DFS publication.

PS athough I am not directly invested in Extract, because I'm in the UK, I am in Kalahari, hence my close attention to the K share price.