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Part AA部分
1.净现值估算
目前，由于彭先生已支付￡2百万到阿比盖尔的勘探工作，以日期和权益矿在该地区一个时期直至并包括2018年和150万的进一步探索钻孔在2013￡，因此，合计350万￡（1.5+2= 3）将出现在当期损益。

认为在许可证在2018年年底的成本50万￡，除了操作的总成本估计如下：
一年的摸索和权利进一步探索采矿许可证
2013￡2米￡1.5米
2018￡0.5米

由于根据质量￡1000的一盎司黄金，从黄金开采预期的收入估计如下：

1. NPV Estimation
At present, since Mr. Peng has to pay ￡2 million to Abigail for the exploration work to date and the rights to mine in the area for a period up to and including 2018 and another ￡1.5 million for further exploration drill holes in 2013, therefore, total ￡3.5 million (1.5+2=3) will occur in current period.

Considered the cost ￡0.5 million at the end of the license in 2018, the total cost except the operation is estimated as follows:
Year Exploration and Rights Further exploration Mining license
2013 ￡2m ￡1.5m
2018 ￡0.5m

Since a ￡1,000 an ounce for the gold according to the quality, the expected income from gold mining is estimated as follows:

年开采盎司计算收入
2014年2,000 2,000 *￡1,000￡2米
2015年2,500 2,500 *￡1,000￡2.5米
2016年3000 3000 *￡1,000￡3米
2017年2,500 2,500 *￡1,000￡2.5米
2018 1000 1000 *￡1,000￡1米

按照10％的资本成本假设，折现因子的计算是：
折扣因素在10％
新年计算贴现因子
1 /（1 + 10％）= 0.909 0.909
2 1 /（1 + 10％）2 = 0.826 0.826
3 1 /（1 + 10％）3 = 0.751 0.751
4 1 /（1 + 10％）4 = 0.683 0.683
5 1 /（1 + 10％）5 = 0.621 0.621
6 1 /（1 + 10％）6 = 0.564 0.564

因此，以下假设下：
一）估计的贴现率，支付勘探，右，进一步探索和许可证和运营成本，
B）将发生在2013年开始进一步探索支付
净现值（NPV）将是：
e年成本因素（￡/ M）收入（￡/ m）的净收入（￡/ M）PV（￡/ M）
2013年1 2 0 -2 -2
2014年0.909 1.5 0 -1.5 -1.3635
2015年0.826 1.0 2 1 0.826
2016年0.751 1.2 2.5 1.3 0.9763
2017年0.683 1.2 1.8 3 1.2294
2018 0.621 1.2 2.5 1.3 0.8073
2019 0.564 0.9 1 0.1 0.0564
总计0.5319

Year Ounces mining calculation Revenue
2014 2,000 2,000*￡1,000 ￡2m
2015 2,500 2,500*￡1,000 ￡2.5m
2016 3,000 3,000*￡1,000 ￡3m
2017 2,500 2,500*￡1,000 ￡2.5m
2018 1,000 1,000*￡1,000 ￡1m

Under the assumed cost of capital of 10%, the discount factor calculation would be:
Discount factors at 10%
Year Calculation Discount Factor
1 1/(1+10%)=0.909 0.909
2 1/(1+10%)2=0.826 0.826
3 1/(1+10%)3=0.751 0.751
4 1/(1+10%)4=0.683 0.683
5 1/(1+10%)5=0.621 0.621
6 1/(1+10%)6=0.564 0.564

Therefore, under the following assumption:
a) Estimated discount rate, payment for exploration, right, further exploration and license and operation cost,
b) The payment for further exploration would occur in the beginning of 2013
The net present value (NPV) would be:
Year D Factor Cost(￡/m) Revenue(￡/m) Net Income(￡/m) PV(￡/m)
2013 1 2 0 -2 -2
2014 0.909 1.5 0 -1.5 -1.3635
2015 0.826 1.0 2 1 0.826
2016 0.751 1.2 2.5 1.3 0.9763
2017 0.683 1.2 3 1.8 1.2294
2018 0.621 1.2 2.5 1.3 0.8073
2019 0.564 0.9 1 0.1 0.0564
Total 0.5319

To conclude, total present value will be 0.5319 million.

2. Short Report Outlining the Associated Risks
Risk Related Report
Dear Stephen:

I am writing to you to share the related risks with you. According to the information provided, they