Ann: Placement to Yahua to Advance Finniss Lithium Project, page-91

Hmmm indeed....

To answer @scientist10 my view is this.

DSO = $70m- $100m free cash flow. But it will be in say 12 months before payments start coming in. 2-3 years life of mine.

Current cash at the end of Sept qtr after drilling expenses and including Ya Hua payment approx $8.5m.

Extra cash from Oppies = will find out next week? Say 1/3 get converted = $1.5m.

So current EV at the end of qtr 1 will be if SP at 6c @470m shares = $28m - $10m = $18m.

Probably about right considering no further lithium finds yet. Of course an extension of Grants, any finds at Zola, Springwood, Barrow Creek etc etc. will need a recalculation.

Now, what to do with the minimum $70m - $100m. Say $6m a year is spent on exploration plus another $5m to get DSO up and running plus $1.5m running expenses x 3 years. We are left with $42 - $72 million.

What is that worth per share looking into the future? 8c to 15c on top of the 6c.

All this just for lithium. What about zinc,copper,silver and uranium. There are some decent tenements there but they need some TLC. Value = 1c-2c at present.

And there's that big IF (to quote someone). What happens if they find more spod. Well depending on peers valuation and size of the find.

The great thing now for CXO is we have the customer set-up and ready to go and take whatever we can find. This is a strategically fantastic position to be in.

To quote PJH. She loves me, she loves me not. Good luck with your decisions.