Ann: Update on Termite Resources-IXR.AX, page-16

You're right, Indiana will be worth less once Graphex spins off, and now with record date being passed I would expect it to touch 0.03c, so it might be priced $0.15 after the consolidation.

But at that price, mcap would be just around $4.5M and largely cash backed with fresh cash from Graphex and also what's left in the till from current assets and cap raises.

On top of that, there's Ntaka Hill which was valued last year at around $11M (I'm converting this all to AUD, based on USD for Fig Tree agreement). So the value of Ntaka Hill that stays with Indiana can be calculated to around $6.8M. Nickel prices are still depressed, but just in the last 2 weeks the spot price rose around 10% and the futures are also higher. If that trend persists, there will be more suitors for the Ntaka Hill project.

I'm not sure which price to put on gold prospects. Kishugu results are already pretty good, but they need to hit higher than 0.9g/t Au to make it worthwhile mining in that area. If they can confirm something in the range of a few grams/t Au, this can fly really high.

Management and directors being greedy to get more free shares (though they also purchased some in the cap raise) is a good thing, because their ownership stakes are now higher so they'll have good reason to work in shareholders (and theirs) best interest and not just burn capital for their salaries. This could be a good change, comparing their past history of deals that weren't good for the shareholders.

IMHO this all comes down to pretty nice speculative play for Indiana - it can't go much down anymore (but go bust), but has significant upside potential. It will probably trend lower for a while, until something happens (nickel deal, good gold testing, possibly another resource play).