Ann: Battery Conference Presentation - March 2019, page-145

Do you understand what a cashflow model is? Or an NPV?

The valuation of US$108m is based on the discount of all cashflows including intitial US$10m of costs.

Where did the valuer get the cashflow assumptions from? He got them from WFE lol. Therefore that takes into account the purchase and sale price of the ore you will be processing.

I don't need to know the numbers, we have a discount of cashflows based on the margin WFE provided the independent valuer.

10% change in Co prices has delta of US$28m.

That is all from the report. None of that was my assumption.

Where do I think the MC will go, I think it will go to somewhere around 50% of the NPV IF metals prices used were reasonable. Probably with a fat pump between opening and settling there IMO.