ext valuations and thoughts on future drilling, page-8

From an Ambrian broker report dated 11 Aug 2010:

"On a simplistic EV/in-situ (which doesn't take into account new M&I resource), Extract Resources has gone from US$4.77/lb to US$3.43/lb in-the-ground. While there are no direct comparables in terms of both stage of development and size, the smaller Mkuju deposit in Tanzania (Mantra Resources, 84Mlbs @ 467ppm) is at a similar stage (DFS due in 4Q10), and trades at US$5.62/lb. The key point to note is that, in our view, Mkuju and Rossing South are the only two definitively economic deposits on this list by virtue of grade and size, and that Rossing South offers the cheapest pre-production exposure."