Ann: Over 1gt Au PGE in Soils at Phils Hill Prospect, page-211

So using my back of the smoke packet calculations.

with 900 odd million shares on offer plus 140 million odd options. the upside to this is ok.

Assuming they hit at phils hill ( and i'm still only about 15% confident) and (assuming they hit chalice esq numbers) what price do they get to until they have to raise again? ( chalice have what 6/7? rigs going 24/7 i'd hate to think of the cash burn)

so they get lucky and convert all the shares at option price plus raise another 80 odd million at 50 cents. that would be 1.2 billion shares on issue. So on a like for like chalice basis that's what 210 cents a share. all this will take year/s so the cap gains will be %50 less if you hold for that long.

We don't have state forest coverage which is a bonus but we are a little further out from perth.

so assuming we hit, and the markets want a piece then what?

Then again we need to wait two months probably to see what mr Drillbit finds.

Exciting times and excuse me for my Saturday night musings. ( although i'm enjoying a rather fine Rioja so bare with me)