GODOLPHIN (Pertinent news & discussion prior to the IPO), page-9

With the risk of putting a contrarian view out there. I'm not that excited by the nsw prospects. I'm putting this out there as this is where my head is currently at, not to cause trouble! Also, the Ardea HC board seems a pretty respectful place so it might generate some good discussion. Plus, I am always open to being swayed by some good old common sense!

I haven't looked at it for a while so am doing this from memory but my impression of the NSW holes that has been drilled have good grades but mainly thins vains and at depth. They could be worth digging up but it only becomes commercially attractive to do so if the gold price really ticks up. I don't see anything to get really excited about (unlike the WA prospects which could turn into a behemoth!). BTW, the reasons I am invested in Ardea are long but this is the Godolphin thread so won't go into them now.

I guess part of the Godolphin investment decision is the land in NSW that we own but haven't yet drilled. What are the chances of finding some exceptional grades that are nice and thick? It's mineral rich land that's for sure and there are some highly prospective old sites to re-look over but I'm putting the chances of them finding something game changing in the slim category (unlike the WA assets which truly could be huge!).

All this aside, I am very happy the company is selling off the NSW assets. I think it's the right thing to be doing and am 100% behind the company to sell off non critical core assets that detract away from the main game. The BOD have experience in doing these spin off's successfully and extracting as much value as we can from the process. We are in very good hands and expect them to do it well. Kudos to the board for getting this done!

I haven't decided what I am going to do with my Godolphin shares at this stage. Probably hold or maybe sell them to buy more Ardea shares but probably not to double down and buy more.

Any how, that's my 2 cents worth. Largely done off the top of my head so feel free to correct any inaccuracies.

GLTA!