quarterly cash burn, page-34

Yes, let's not bring religion into it.....Religion has no place in schools, just as facts have no place in the church
3.3b shares fully diluted, just the state of things unfortunately--that's how long it took to stumble upon SNE/FAN
Senegal etc after 10+ years as a publicly traded company. If our original JV partner had not abandoned us and we
managed to drill Senegal 5+ years ago then maybe we would have had only half the shares on issue or a SP now of
20cps. It certainly affects the current valuation and any future evaluation relative to the amount of shares on issue
but it is what it is.

If things pan out very well and the stars align with the POO/sentiment etc and maybe a T/O in 1 year or
production in 2-3 years then we could be heading for an SP of 60c-$1.00 or a MC of $2-3b. This is entirely
possible if SNE delivers in spades, BH comes up trumps and maybe even FAN1 starts to deliver the sweet
spots and POO is $65-$80. Of course, the opposite could occur--depends on your view of risk/reward at this
stage.

3.2b shares on issue is what was required to get us to this point--long termers who have participated in any
previous CR {when made available} and have bought in years ago at 2-4c would have been marginally diluted.
Those that join/buy the company now have to pay the premium in terms of previous dilution--however they
have the luxury of the discoveries being now on the table at a lot less risk than previous long term holders.
They still enjoy the possibility from current prices to see a 5-10x return on their $ if the above scenario plays
out v a 10-20x return for those long termers who have stayed the course and contributed to the funds required
to keep FAR going to this point. Seems fair to me.

In a perfect world, we would have drilled Senegal 5 or so years ago with half the shares on issue and a SP then
of 20c+--who knows what it would be now if appraisals were successful and we were producing or sold out.
Shit happens as they say.

GLTAH