Ann: Quarterly Activities and Cashflow Report, page-26

Hi Noodly what im suggesting is the updated DFS was heralded as calculated from various top tier consultant groups who had worked on the Mt Peake Project for ages and undertaken much optimisation etc including SMS who focused te Refinery. It was said to be able to be tabled  for presentation to KfW in Frankfurt. So it must be pretty close and it had built in 5% margin.

Then further advances enable a significant refinement stage for the titanium pigment processing to be removed from the process saving costs and ill take a punt at say $20mill in plant now not needed. Then we make an allowance for NAIF contribution and iv picked $50 mill but as we know it could be $90 mill then in total we have $70 mill off the DFS stage 1 est of $853 mill so $783mill.

Why then when the mandate is set to raise $US 600 or $AUS 850 mill are we seeking out equity contributions without exhausting debt sources. The elimination of an equity contribution is perhaps the single biggest factor to increase SHer returns. 

just my thoughts.