Ann: Financing Documentation Finalised for LLGP , page-25

re: Ann: Financing Documentation Finalised fo... Hi Elfy,

Purely on the LL project alone (assumptions below) the NPV is $78 mill.

This doesn't include:

(1) Future life after current ore is depleted (ie surrounding gold ore resources)

(2) Value of one, slightly used gold plant after 6.7 year project life

(3) Value of Ecuadorian adventure

(4) Any upside in AUD/ USD and POG over the life of the project

However, there is also some reduction from this figure due to risk that needs to be taken into account/ milestones reached:

(4) Mac Bank conditionality met for funding
(5) No construction problems/ delays/ cost blow outs
(6) No commissioning delays
(7) No adverse impact of AUD/ USD and POG over the life of the project

Personally, I think that when the upside and downsides are taken into account you'd have to come up with a figure, right now of between $40-50m that will rapidly increase to the $78m NPV over the next 11 months.

Cheers
John