55c valuation coming, page-2

The new broker report is on the Ampella website

http://www.ampella.com.au/public/documents/4/6/090723-1%20DJ%20Carmichael%20%20Research.pdf

Key points:

Target price 55c

AMX have
raised sufficient funds to undertake a detailed Phase 3 program which should result in an
inaugural resource estimate at its two most advanced prospects Konkera Main and Konkera
North on the Tiopolo Permit, in the southern half of the tenement package.

We also expect to see, perhaps before the end of the
year, an inaugural resource for Konkera Main and Konkera North and the continuation of RC
and diamond drilling into 2010, increasing resources to enable a scoping study for a potential
gold mining operation.

We accept that over the last few months there has been a heightened level of expectation of
exploration success and this has been reflected in the share price. However, we do not
believe this is misplaced. We think AMX provides an exceptional opportunity over the medium
term for the higher risk investor.