Ann: Quarterly Activities report, page-14

Yeah good question... Current NTA is about $8m from memory (they had to write off the Rahu tenement because NCM took it over, but NTL retains 20% interest and NCM will give it back if it doesn't want the tenement after its drilling campaign).

Cash on hand is $5.75m.

So at the moment the MCAP is actually slightly less than the NTA + cash.

The company has said previously that 6 months after the start of works that they expect some revenue from bulk sampling.

It's hard to say what the MCAP will be but I would expect it to be higher than NTA + cash.

The current MCAP seems to ignore the start of construction, Rahu JV with NCM, Talisman deeps potential JORC 2012 resource (or otherwise they could do a JORC Exploration Target using the historic data) and the in-ground Ore Reserve and Mineral Resource already identified. Add the new potential Vanuatu thing into that.

My view is that NTL is undervalued and I would expect some appreciation, particularly on the back of progress.