+ presentation data and comment +, page-20

re: + interesting comparison $$ 1. MOL Study thread: http://www.hotcopper.com.au/post_thread.asp?fid=1&tid=238565#736128

"Extract: The CU component is 0.1% or 281,000 tonnes or based on $US1.60/lb, the equivalent is 2.15 mill ounces of Gold. This single heap is worth in total 34.3 mill ounces or based on Gold=$US460 and $A=0.77, a total sum of $A20.49 Bill ($A 20490,909090).

MOL has 29.6 mill shares. Also 1.47 mill year 2007 options, 1.07 mill year 2008 options and 13.4 mill 2009 year, a total of 15.87 mill options, all unlisted. Fully Diluted: 45.54 mill . Note that Production is supposed to begin on 1 June 2007, so all these options will be exercised after the start-up. However, it is best to present the final data in undiluted and diluted forms.

UNDILUTED: The share price is $A1.33, so the Market Cap is 29.6 mill *$A1.33 or $A39.368 mill or per $A1 Market Cap., one has a InSutu resource worth about $A20.49 Bill / 39.368 mill or $A520, a high number IMHO. Per Share: $A692.

DILUTED: Per share, one gets an InSitu resource value of 20490.9 mill / 45.55 mill or $450, another nice number. Of course, there will be a Placement prior to the Capital Construction which is between $350-$400 mill at present. MOL has $17.6 mill cash at the moment (60 cents/share)".

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2. NDM: http://www.hotcopper.com.au/post_thread.asp?fid=1&tid=149765#435736

Post 730634:

"CURRENT PRICES AND MARKET CAP:
Gold price: $460/lb, CU: $1.50/lb and Mol: $38/lb
Current share price: $CAN 5.22. shares: 58.6 mill and Market Cap: $CAN 305.9 mill.

From my previous posts: We must be getting close to 227 mill ounces of Gold Equivalent (NCM has 70 mill ounces equiv.) in this one heap, based on Gold=$US450, Copper $US1.30/lb and Moly $US38/lb.

The InSitu value per $CAN1: 227mill*460*1.1703/305.9 mill= $CAN399.0, or $CAN2085/share or $A2352. (Note that the Plant will cost some $CAN1800 mill).

3Oct 2005: Comment: the Share price is now $CAN 5.75 or $A6.72. NDM has more deposits as well.
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Westhouse Research: "At recent metal prices of US$1.25/lb Cu, US$415/oz Au, US$7.00/oz Ag, and US$15/lb Mo, the IRR would increase to 35.3% and the NPV, discounted at 5%, to US$7,448"

3 Oct 2005. Comment: Based on present 58.6 mill shares, the NPV per share: $CAN 148. However, these 3 metals have risen since, so the NPV per share could be close to $CAN 200. So, the share price has a lot of ground to make up. Once the BFS, the participation strucure and Finance have been set up, then I expect a significant rerating.

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SUMMARY: These 2 shares have the highest INSITU values, ever recorded by me: MOL at $A692 undiluted or $A450 diluted. NDM at $A2352 equivalent.

Friday's share prices: MOL: $A1.33; NDM: $A6.72 equivalent.

I am expecting a rerating of both stocks and particularly so, once the BFS has been released.

NDM has some different metals than MOL has and it is impossible to predict future pricing of all metals.


Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.