PloughSo JV keysbrook and not as many shares on issue but you...

Plough

So JV keysbrook and not as many shares on issue but you earn less. Main attraction is limitation of risk.

They will still get out to around 200m shares on issue even with a JV (they have been burning around 500k per month) so whatever way you play the numbers the net return to existing shareholders is the same.

They still have capex on Kalimantan and under the Island deal have to do all exploration and mine feasibility and no doubt the usual Indon facilitation fee regime. All costs money.

Kalimantan is interesting, but I understand the material is less than 40% Cr2O3, which wont set the world on fire. And it is Indonesia.

Slice and dice the numbers whatever way you want, upside is limited but much better than where they were heading.