Ann: Presentation - Arlington Pre-daba, page-22

Thanks Peppie like your points. I guess that the Toliara project's revenue (based on current market conditions) to cost ratio could be around the 2.5 times (similar to Kwale). If true, this potentially makes Toliara a great project - it provides significant cushion in the event of a cyclical downturn in the mineral sand prices.

I think the key question is going to be how the Toliara project is to be financed. I understand that all options are on the table including a joint venture partner for Base. I like to see Base fund the project themselves with cash flow from Kwale and debt. Based on current expectations, Toliara and Kwale could operate together for at least 2 years. If this occurs, then I think the debt funding to build the Toliara project will largely be paid off. This will, I think, be a fantastic result for shareholders as Toliara has a mine life of around 40 years.