Objective Capital's Global Resources Investment Forum 2012 Ironmongers' Hall, City of London 25 September 2012 Speaker: Richard Williams, Helio Resource

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Base Case Scenario
-20% -10% 0% +10% +20%
Gold Price /oz $1,160 $1,305 $1,450 $1,595 $1,740
NPV ($9.4M) $38.1M $85.7M $133.2M $180.7M
IRR 6% 16% 24% 31% 38%
Upside Scenario*
-20% -10% 0% +10% +20%
Gold Price /oz $1,160 $1,305 $1,450 $1,595 $1,740
NPV $4.8M $75.5M $146.1M $216.7M $287.4M
IRR 9% 16% 23% 30% 36%
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