jv, page-5

Did a comparison between STZ and MOL:

* Similar NPV's for the projects, but different assumptions for the future price of Mo.
* STZ has potentially a bigger ore body
* Distances are minimal from final markets for STZ, 1.3km from main truck line, l80 kms from Cracow, less than 600 kms from major cities (Prague, Berlin, Budapest, Gdansk)
* Capex required by STZ about a 30% lower than MOL, no power station required, infrastructure already there.

Conclusions: STZ has bigger reserves and better quality, MOL bullish on he price of Mo, double the price used by STZ in project evaluation (i.e. STZ undervaluing their project with conservative assumptions). imo Mo prices are going to increase as demand is going to exceed supply, fueled by listing by LME.

STZ needs a Chinese investor like Hanlong. MOL seem to have more experienced management and the project is far more advanced. Large potential upside for STZ shares if the company can progress the project to the same stage as MOL. TFP