Ann: Change of Director's Interest Notice, page-11

Nigel must be rubbing his hands together as things are about to get real over in EQN land. First the court case for the IO tenement should get resolved and then, or around the same time the first batch of drill results should be known.

The smart move for EQN might be to flog the IO to then focus on a fully funded RE campaign in Brazil, hell EQN might have enough spare cash to buy back and cancel the BM8 holding and thus provide a huge boost to the EQN and BM8 SP and bank accounts.

Going to be an interesting 24-25 FY for both companies.

Here is a simple table giving us our BM8 EQN Holding intrinsic value.

	EQN SP	BPH EQN Value	BM8 Intrinsic SP
1	$0.40	$14,000,000	$0.15
2	$0.45	$15,750,000	$0.17
3	$0.50	$17,500,000	$0.19
4	$0.55	$19,250,000	$0.21
5	$0.60	$21,000,000	$0.23
6	$0.65	$22,750,000	$0.24
7	$0.70	$24,500,000	$0.26
8	$0.75	$26,250,000	$0.28
9	$0.80	$28,000,000	$0.30
10	$0.85	$29,750,000	$0.32
11	$0.90	$31,500,000	$0.34
12	$0.95	$33,250,000	$0.36
13	$1.00	$35,000,000	$0.38