New Tenements Potential for Major Rerating After Neigbours results BAT SVY NML, page-12

BAT Management only formalised the deal last week.

It's understandable they will take time to organise their strategy for development.

Management would undoubtably be feeling like a kid in a candy shop at the moment.

The data from Gippsland Prospecting & DPI Victoria will greatly assist the company in identification of targets.

Anyone interested in the geology of central & western Victoria should read www.earth resources.vic.gov.au

They have voluminous research reports available on their website.

In short Earth Science Victoria undertook a geological survey and inventory of mineral resources using aerial / magnetic / drilling etc. They discovered sediments cover large areas of the western & central Victoria.

It's early days for BAT. One could argue there is no value attributable to the new gold tenements of BAT.

BAT market cap is $30m.

What is the value of the graphite prospect? $10m or $20m?

If the Mozambique project had a liquidation value of $20m less the cash on hand of $3m that leaves an EV of $7 million.

It's hard to place a value market value of a world class graphite project.

Happy to hear from others what value should be ascribed.

It's early days and the risk is there for all shareholders.

Keep in mind when these 4 Exploration blocks were offered it was at a time of depressed interest in gold mining and Earth Sciences had not provided the extensive data and mapping available today.

BAT tenements overlap both the Stavely Copper Belt and the Stawell Gold Corridor. Earthscience Victoria will provide extensive data in our delineation of targets and together with competitors drilling in our tenement region BAT management have an excellent chance of finding resource if one exists.

Good luck to all investors.