1 point increase in the exchange rate increases the NPV by 75M

1 point increase in copper price increases the NPV by around 50M

1 point increase in gold price increases the NPV by around 25M

The base case gives us a NPV of 513M with an exchange rate of 0.97, copper price of 3.25$US & gold price of 1445USD.

Let imagine having the exchange rate at 0.80, copper price at 4.50USD & gold price at 1800USD.

Therefore:

Exchange rate would be up 18% compared to base case.

Copper price would be up 38% compared to base case.

Gold price would be up 25% points compared to base case.

513M + (18 x 75M) + (38 x 50M) + (25 x 20M) = 4.3B

4.3B x 25% divided by 417M shares = 2.57 per share.

Right about our high in 2011, when copper & gold were at their highest levels.

Between 0.12$ & 2.75$ there`s a lot of room.  Hope we will start to move before we get to these metal price levels...

MoneyK