Solwara1

[E1toCheng]

I have a question that maybe the board can answer. We sold 15% of Solwara1 to PG and are waiting for them to take another 15%. Was this sale for just Solwara 1? What about the other sites, do we have full ownership?

[seabedmining]

yes 15% + 15% is just for solwara 1 - but there is an unknown % of IP-rights taken by PNG included

for solwara 12 (as next) PNG have to pay again 30% - but these 30% will be much cheaper because all equipment is build and the gain will be incredible high - this is the real trick in this story

[E1toCheng]

Have we offered PG a stake in the other sites? We leased the mining rights but are we obligated to offer them a percentage of each site? If so we will have a good valuation model from Solwara 1 and I would think the price of poker just went up! Thank you for your thoughts…

[seabedmining]

PNG has the right to participate with 30% in each new project

you can't compare solwara 1 with the following projects because it's the kickoff and much more expensive than the next solwaras