draft valuation, page-7

update On first review the much anticipated Harts BFS doesn't seem to have provided a catalyst for the sp. I was personally was surprised at how conservative the directors were but suspect they are not fussed about the short term sp.

I make this comment on the basis of 2008 being the year that everything comes together for OLY. If you incorporate the ncf from the 3 approved projects OLY expects to generate $12.4M in 2008 & $22.8M in 2009. The sp is currently of a prospective PE of 1.4 in 2008 and 0.8 in 2009. Suspect interest grows some time down the track and perhaps not until late 2007