Uranium explorers comparison, page-4

	Column 1	Column 2	Column 3
1	NPV exercise for Tiris Project
2		Free cash flow	Free cash flow after tax
3	Year 1	$27,000,000	$19,800,000
4	Year 2	$27,000,000	$19,800,000
5	Year 3	$27,000,000	$19,800,000
6	Year 4	$27,000,000	$19,800,000
7	Year 5	$27,000,000	$19,800,000
8	Year 6	$27,000,000	$19,800,000
9	Year 7	$27,000,000	$19,800,000
10	Year 8	$27,000,000	$19,800,000
11	Year 9	$27,000,000	$19,800,000
12	Year 10	$27,000,000	$19,800,000
13	Year 11	$27,000,000	$19,800,000
14	Year 12	$27,000,000	$19,800,000
15	Year 13	$27,000,000	$19,800,000
16	Year 14	$27,000,000	$19,800,000
17	Year 15	$27,000,000	$19,800,000
18	Total	$405,000,000	$297,000,000
19	Long term Uranium price @US$50/lb
20	Capex	$45,000,000	$45,000,000
21	NPV @10%	$160,364,147	$105,600,374
22	NPV in AUD	$213,818,862	$140,800,499