To say RPA was conservative is an understatement.

RPA used an after tax NPV value at a 10% discount rate, on ZEN's PEA,

While LIO's PEA used a pre-tax NPV at a 5% discount rate. Same number of outstanding shares.

ZEN PEA Highlights: (Note: All dollar amounts in US currency unless otherwise specified)

• Open-Pit, Life of mine (‘LOM’) of 22 years based on less than 50% of the Indicated & Inferred Mineral Resources. Underground mining of Inferred Resources below the sill are not included in this study. The deposit is open at depth;

• 3,000 tonne per day open-pit mine and process plant to produce 30,000 tonnes of high purity (>99.9% Cg) graphite annually;

• Price of purified graphite @ $7,500 per tonne and operating costs of $2,046 per tonne showing a margin of $5,454 per tonne;

• Total LOM gross revenue of ~$4.8 Billion and an after-tax cash average annual cash flow of $110 Million;

• A base case after-tax Net Present Value at a 10% discount rate of $438 Million yielding an after-tax Internal Rate of Return of 24%.

LOI's PEA Highlights (all amounts are quoted in $USD utilizing a base case gold price of $1,200 per oz.)

• Pre-tax Net Present Value (NPV) of $117 million (5% discount rate) on the current resource of the Tuvatu Project
  
  
• Pre-tax Internal Rate of Return (IRR) of 67%
  
  
• Pre-production capital costs of $48.6 million including 14.5% contingency; first gold production following development and construction period of 15 months
  
  
• Operating costs of $567 per oz.; all-in sustaining costs of $779 per oz.
  
  
• 1.5 year payback period, followed by production of 91,229 ounces in year 2 averaging 16.5 g/t Au, and 92,056 ounces averaging 14.40 g/t Au in year 3
  
  
• Gold production of 352,931 oz. at an average grade of 11.3 g/t Au; current resource of 1.1 Mt Indicated at 8.46 g/t Au (299,500 oz.) and 1.5 Mt Inferred at 9.7 g/t Au (468,000 oz.) at a cutoff grade of 3.0 g/t Au
  
  

PEA Summary (reported in US$)

Summary Economics at US$1,200 per ounce Gold

Mineral Resources

The PEA is based on an Indicated and Inferred mineral resource estimate by independent Qualified Person Ian Taylor, BSc (Hons), MAusIMM(CP) of Mining Associates Pty Ltd. For further details, see the Company news release dated June 4, 2014 and the technical report released July 9, 2014. A summary of this resource (reported at a cut off grade of 3.0 g/t Au - highlighted) is as follows:

The summary review of geology, resource models, and estimates and the site visit were conducted by Mr. Taylor, who visited the site from Feb. 25-28th, 2014. Mr. Taylor viewed the geological setting, located some drill collars, and inspected drill core and sample storage.

Estimated Operating Costs

Capital Costs

Read more at http://www.stockhouse.com/news/press-releases/2015/05/31/lion-one-announces-robust-preliminary-economic-assessment-for-high-grade-gold#YSJMe3sIyFCbDp3Q.99