Ann: Quarterly Activities Report, page-27

If I was Reward I would present the PFS as a 20 year life of mine at 250 ktpa. Of that 20 years I would include an Inferred component of say 4 years equivalent based on bore supplementation on and around the lake which would be a conservative assumption over 20 years imo. Note Reward were getting circa 7.5 kgm3 brine 3km north of the lake with airlift flows of over 20 L/s so there is plenty around depending on the grade and location you want. I just think a 20 year case presents better with a small Inferred component and the option to scale up the project to bigger output if they wish. 250ktpa is nothing to sneeze at and can generate Ebitda of circa $85m pa at a sop price of AUD $670/t (currently $900 in the US) so cash flows over 20 years would be circa $1.7B before price increases, discounting etc.

So I think Reward needs to stop trying to be the biggest and the best which they are currently getting caned for and present something which people will look at and say yes that will work and there is ample room in the hydro modelling to achieve it easily. Taking a project to its edge is nice on paper but usually always gets a company into trouble if expectations aren't met. Basically what I'm saying is present a reality that people can believe in and get excited about even if it means removing some of the fat from the spreadsheets...