Valuation 64c per share IIR research report, page-15

Hi Semi

This is the basis that we have used in our modelling, not for only Walkabout but other Tanzanian operators that we follow, and we get a similar outcome in our modelling of Lindi (discussed later). No bias, no bull sheet we are all the same...

Surprise everyone in Tanzania is treated the same....

The recent update involves an average annual ROM mining rate of 230,000 tpa, at a LoM strip ratio of 4.35:1 (There it is the figure I could not find)

Recap that's 4.35 tons of dirt plus 1 ton of feed grade
Total 5.35 tons shoveled for 1 ton of feed grade....

.....the previous scenario used a 260,000 tpa mining rate with a strip ratio of 3.3:1.

The strip ratio takes into account both waste and low grade mineralisation that will be stockpiled separately for potential future treatment.

It's a yes from me....

Croc