Some numbers from the AGM presentations. Stand-outs are the...

Some numbers from the AGM presentations. Stand-outs are the massive exploration target, metallurgy (beneficates to 68% @
'Project assumptions based on other operators in the area
? Exploration target of 1.5 to 2.0 billion tonnes (much larger potential)
? Mining operation ( Stage 1) pellet feed 16mtpa at 68% Fe and low impurities over
25 years
? OPEX < US$30/ tonne
? CAPEX < US$2.8Billion (including 160km rail spur)
? Revenue US$100/tonne FOB based on Vale current pellet fixed contract
? NPV10% US$4.5Billion & IRR 76%
16
? Time frame 4‐5 years to production'