Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-89

The key to the market reaction IMO is the 2021 construction start date, which then brings into play the lower prices in Table 2 and hence the IRR outcome of 20% to 27%. Now, in terms of the PFS they are assuming quite low credits for cobalt/copper/nickel (1% of gross revenue) and I suspect low 99.5% sales if any. 99.5% sales would achieve a premium (roughly $3 to $4 per pound over 98% grade) so suspect the underlying demand/supply model is one of the steel market (which is what I would be expecting in any event for the first 5 years of production). What they plan to do in 2020 is a key, but time is the essence so would have expected a better strategy to market of Offtakes for equity, DFS and the construction to start in 2nd half of 2020). VA needs to fasten the tempo here IMO. . Who they give the options that are not converted to in January will be a key - if they are given to say WinWin or another potential Offtake partner, well that would address some of the uncertainty in the PFS around speed to market if it comes with a binding agreement. At the end of the day the PFS is longer but a lot of the conclusions were very similar to the SS except they reduced the + or - in the PFS to 25% from 35% in the SS. Time for a few VBs and the bottom draw. All IMO.