Ann: Webinar Invitation-Scoping Study, page-16

Thing to be mindful of here is the very low shares on issue - currently about 75m, give or take a few.

Right now we are running blind until the results are released. I've done my best to break down costs etc of the key elements in other threads, but I do not work in mining and everything is based off my no doubt erroneous (and biased) research.

Based off what Paul said in the latest video, there are multiple companies interested in the DSO. The probability of the company finding a long term strategic off take partner should be reasonably high.

In fact, the DSO is only the entree given it is currently "just" a 6 to 10 year operation, and this is a "many decade" operation.

The real cherry on the cake is "first dibs" on the DRI ore.

Many decades.

If a partner (partners?) was to sign a binding off take and help fund the remaining studies and potentially some or all of the equipment, and the talk of ramp up options, perhaps we could get to production with under 100m shares on issue.

I would imagine a binding off take with a pre payment would be reciprocated by a discount on the sale price?

How much? I don't know, but...

1Mt per year @ $90 +lump premium +grade premium would mean at least $110m per year in sales (based on current prices).

Over a 5 to 10 year supply agreement is $550M to $1.1B.

Until the studies are released we can only speculate, but given lump and grade premiums for DSO, and the low cost operating environment, the margins should be incredibly healthy.

A 10% prepayment ($50M to $100M) for a 20% discount would mean the partner has secured long term supply with a good discount, and Akora is still making plenty of money to expand operations, self fund the DRI mine development and pay dividends.

100m shares on issue to get to production would do unbelievable things to the share price.