Signature coming, page-232

So Jinhui are to contribute 10% project level equity to Ancuabe. We have not been told at what price but the Argonaut sum-of-parts valuation of TON in July 2018 theoretically should be an indicator of their contribution.

Bear in mind that some of the risk allowed for by Argonaut in their Risk Weighting of 20% (a nice round number and I have aversion to nice round numbers in valuations) has since been mitigated and that the AUD has weakened about 5% since they did their work.  That AUD weakening should have the effect of increasing the valuation.

Having said all of that, I am going to stick with the Argonaut numbers to arrive at a minimum contribution for the 10% equity in Ancuabe.

Argonaut Ancuabe Project Value after 20% risk allowance ($132.2 - $26.4) = $105.8 million

After equity contribution TON will own 90% of Ancuabe so 10 % equity should cost one-ninth of $105.8 million, hence $A11.75 million or $US8.3 million minimum contribution for 10%.