Ann: BFS supports strong commercial case for developing Sconi, page-217

Prima facie a viable and bankable proposition based on conservative assumptions relating to price of product, mine life, costs etc.

To me Sconi itself is worth 40 c in Sp assuming dilution arising from the equity expansion.

Add to this the stability rendered by the off take agreement, the rising price of ni,co and sc we could see Sconi trading at 60 c in 2 years time.

The fascinating part is that this is but a part of the company we are relating to ..add in a similar strategic tie up with Flemington in 2019 and perhaps the divestment in Thack and we could get to a 1$ valuation in 2020 quite comfortably.

I believe we will have at worst a “cease fire “ on the US/China trade front this month end ..battery related minerals will move sharply up in demand quickly thereafter. Add the confidence that the SK equity will bring to the table this December and I can safely predict a 20 c closure this year itself.

Finally, a good show by a strong and experienced management team that sticks to its core objective of creating a top three Co/Ni producer in Australia.

LT investors I believe are delighted with this BFS.