Ann: MAIDEN INFERRED RESOURCE - HIGH GRADE OF 29.5MT AT 1.1% V2O5, page-62

Completely wrong

Undiluted:

TMT - 35m shares @ 18c = $6.3m mkt cap less 3m cash = $3m EV

AVL - 1.3B shares @ 1.5c = $19.5m mkt cap less 2.5m cash = $17m EV

Then on a fully diluted basis:

TMT - 60m shares @ 18c = $10.8m mkt cap less $5.5m cash = $5.3m EV

AVL - 1.8B Shares @ 1.5c = $27m mkt cap less 8.5m cash = $18.5m EV

Obviously the cash figures in the fully diluted mkt caps increase by the cash paid for all the options being exercised.