Ann: Share Purchase Plan 2016-THX.AX, page-18

Xin, there's nothing funny about applying basic equations of dilution to figure out a worst-case scenario. And you'll also note that I was not the first to raise the 4c SP flag, I only agreed.

I agreed based on some very simple sums, which are well known and commonly used to determine the percentage of dilution.

What this doesn't account for is changing factors, such as the appreciation of the company's mCap based on a find. So in theory, the worst case scenario would definitely be avoided if THX make a good find at any of their next drills. Perhaps speculation alone would even drive the value up, who knows.

At this point though, we have no actual hard evidence of what lays underground at RB, it is purely speculation based on merely hopeful indications, not to be confused with undeniable evidence. So, in light of that it is wise to consider worst-case scenarios.