bfs, page-41

OK this is my best attempt to answer queries posed. I don’t care who sells or buys, in fact I’d prefer you didn’t do anything based on my

Some of this comes from a discussion with a member of management today.

8% is not unreasonable with inflation low and interest rates coming down. Topside allow 10%?

As previously advised by company and W1 from the AGM yesterday, York negotiations progressing.

Regarding the 700ktpa. As far as I recall it was always going to me 1.2Mtpa ROM and 700ktpa net saleable?

From my (very) novice understanding the proven tonnage is only from the centre of Kangwane Central and we are yet to add the areas to the north and south (and I do mean the south and north parts of the “Kangwane Central” not “Kangwane North” and “Kangwane South”) to the proven resources.

Do we think the coal price is fair (I reckon it’s a bit underdone if anything) and the same goes for the currency rate…

So all else aside, do we still think this is a fair market cap at $22m?

Put in some more conservative assumptions and what do we end up with?