optimism, page-6

Hi Barney gets down to the DFS. MGO are looking to finance the development (NFC to facilatate 70%).

So the likely plan would be to service the debt from production.

Back of coaster maths -

Starting at25mtpa with say @.05% copper equalivent
125000 tonnes of cuEq @ $8000 = $1Billion

Take out a third for cost of production still leaves $666 million.

This could service the debt and still return more than 50 cents a share at current issue.

Of course theres also the PNG government wanting to buy into 30% of the project, and the intention to double production to 50mtpa.

One things for sure if the DFS proves to be a goer then the current market cap will look like a gift.



IMHO

Oscar