Ann: June Half 2010 Results Announcement , page-8

SKUL,

NTA and share price relationship is a little loose. It normally implies the lowest a share can go.

Share price is a function of growth and dividend and management and net present value.

PNA, like OZL, have been range bound for about 6 months minimum now. I suspect that would continue until the companies show actual projects that will deliver long term growth.

For PNA, it is spending the money on Phu Kham upgrade. (I think slide 7 of the pack is a little ambitious - Inca de Oro in production in 2013? - we all know how long projects take to get to commissioning).

For OZL it is discovering another P Hill or buying Carapateena or buying SFR.

Hope this helps

HT1