independent valuation of luapula plant, page-63

Pointless mixing NPV, current MC while suspended and projected cost to start up in the same numbers Particularly when transitioning. The evaluation is an “as is” of the plant as of today, nothing more, certainty not a reflection of WFE business plan.

WFE has a target with 3-6mths work once approved to proceed, a start up position over and above the content in the report. Increase throughput by 40%, contracted supply for high grades, $20M projected to outlay, raise $10M via CR, raise $25M via prepaid offtake.

Makes a very solid investment and puts NPV well into the US$200M+ region. So now when you calculate profit contributions, assuming the same discount and known plant value it’s looking pretty good.