Ann: Continuous High Grade Spodumene in Phase 2 RC Drilling, page-311

The momentum appears to be with us and it may continue yet with good reason.  We are only 4% below our highest market capitalisation but still 28% below our highest EV so there is more room to move.

October 7th: 273,015,540 @ 15c = MC $40.9m = EV $39.9m + $1m cash
February 6th: 374,503,991 @ 10.5c = MC $39.3m = EV $31.0m + $8.3m cash

Therefore, the share price would need to reach 12.8c to equal our highest EV.

It's also clear that the company is in a much stronger position since October:
- More cash
- More tenements
- More experience and knowledge of the area
- Grants being defined as a resource (possibly economical for DSO)
- High grade intersections at Far West
- Assays pending for possible Grants extensions
- Assays pending for other prospects
- Metallurgy results pending from 2 prospects (BP33, Far West)
- Airborne imaging results available next month
- Approximately 2 months away from phase 3 drilling (Zola and Ringwood)
- Bynoe region neighbours (LTR, KSN, MOX) all to perform drilling after wet season
- SPP shares have had 3+ months to be traded on market and change hands

Note there are 114,772,959 options to be exercised @ 5c before 31 August 2017 which are starting to look cheap given the outlook.  The majority of these options appear to have been issued in conjunction with past capital raisings (27/10/15 & 25/02/16) and over 50% were held by a top 20 (Annual Report 2016).  The total number of options currently represent 30% of the register and would provide an additional $5.7m cash, meaning based on anticipated expenditure of $1m/quarter, CXO would likely have between $11m-$12m by August 2017.

Looks promising in the short term and all holders will be wanting the next batch of assays and metallurgy results to meet (or exceed) expectations, which will start to be priced in the more we move up.