Ann: Quarterly Cashflow Report, page-12

its risk priced, the market is saying "you're not going to make it".

- no cash
- no planned development
- no planned production
- no planned sales
- Granville on hold for months and then the saleable grade is proving costly.
- no disclosure of granvile production costs, grades or throughput (this is dodgy).
- taronga on hold until their is sufficient water in the region to support mining (good luck)
- massive recent dilution
- massive future dilution not yet priced in
- carrying debt through the CN.
- endless missed goals.
- very poor deal making and even worse execution.
- high salaries
- poor communication (bordering on mis-information)
- constant indications of insider info

this is price through the MC of just under 5 million. Effectively pricing the tenements with licences at the low end, noting that they are yet to prove that its economical.

AIMO, but when you consider the whole picture its probably about right SP wise... not accounting for the massive risk that in Q1 next year she may hit the wall and appoint liquidators.

AIMO AIMO AIMO (just for you PW)