Ann: Drilling Confirms Georgina IOCG Project Potential, page-77

I shouldnt do this because its all a guessing game untill we get the pfs but...

• Scoping Study assumed mine
plan for 7mt, 10 years at 700kt
p.a.
• Torbanite zone approx. 600ha,
~3km’s x 2km’s
• From 5m depth on eastern side
to max 50m depth on western
side
• Strip mining with progressive
backfill and rehabilitation

If we assume after cost earnings of $350pt x700000tpa we come out with....
$245000000.We then divide that by shares on issue 376000000 we come to an EPS of $0.65.
Assuming a 30% allocation to dividend (0.22c a share)GRV would still be pocketing $161 ml per annum

Many assumptions here but im been super conservative and remember this is for the bitumen alone!!

Im actually considering going all in on this.Alot of upside potential here and the real kicker is the company already has enough funds to pay for the plant(Im sure Neil stated 5ml for plant during RRS presentation)

Would appreciate smarter minds than mine commenting on potential here
Ill go out on a limb and suggest $5 a share on these figures alone.cheers