scoping study due in june some fundamentals, page-2

Vayama,

nice piece of work but revenues would be closer to 140m US$ after recovery because GBE will tackle the high-grade zone first. GBE will have to get rid of the uranium, probably selling the uraniferous slag to PDN. No port at the East Cost of Africa will allow uranium shipping. For example Tantal producer Noventa has to transport their Tantal across Southern Africa from Mosambique to Walfish Bay in Namibia because of uranium impurities. The rest is quite easy - the Zircomium goes in the physical separation and the rest (after skimming the uranium) is just 6000t to transport by truck to Nacala (Mosambique). Very low cost level in Malawi will keep the production costs at moderate levels. GBE has 10bagger potential in my view specially if you take the other Malawi properties into account. GBE should get rid of their Argentinian projects rather sooner than later to focus on Malawi.

Cheers

Lenni