Ann: Sarama Corporate Presentation - RIU Conference - Sydney, page-9

CHZ (senegal) has had a bid for ~$90mill for its deposit (780,000 oz's) near surface. Large difference is CHZ's around about 75% in the indicated category.

This equates to a $110/oz valuation basis, which would equate to SRR being valued at $250mill+ or a share price of $1.70.

Understandably, CHZ is further along with a low capex Scoping Study completed with an NPV of $296mill. I think the shallow nature of both deposits, quality oxide resource and the potential for a low capex, quick start up mine is the benefit for both.

SRR needs to spend some big $$ on drilling and increase the indicated category to go hand in hand with the PEA being released in the next few months.