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Venturer1

09/18/14 9:41 AM

#11104 RE: spartex #11102

Spartex, I consider that to be a fair value at this point in time.

Once the BFS is completed, add an additional premium.

Get an offtake agreement, add an additional premium.

The more the project is de-risked going forward (power and infrastucture), the more the actual NPV is recognized.

Stay long and strong (cause we ain't there yet).