[Nick Hargrave]

Valuation assumptions: We assume that if Songwe is sold to another operator to develop we might achieve a valuation of 15% of the $559m NPV. We then add the value of the company’s 90% stake in Maginito implied by CoTec’s recent investment of £1.5m for 10%. In the risk scenario, we assume just 5% of the Songwe NPV.