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<p> </p><p><strong> </strong></p><p> </p><p><strong>I asked officials to review the
report and discuss it with the author. This included a discussion on the background
to the report and an explanation from Orion of the methodology and conclusions made
in the report. Furthermore, they questioned the detail of the analysis, the robustness
of the assumptions and areas for further development. Their conclusions are that the
report is a high level analysis of the key issues and that it would require significant
further work, diligence and validation of assumptions and contingency. It also requires
enhancements to methodology, for example, to model the phasing of cash flows and include
time value of money considerations and appropriate returns to capital. Orion has noted
that the work was completed on a short timeframe and that they would be open to carrying
out further work if a mandate could be agreed. On this basis, it is not possible to
draw conclusions sufficient to inform any investment decision.</strong></p><p> </p><p><strong>
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