Ann: Renounceable Rights Issue Update and New Prospectus, page-59

Clarification:

The ISV (in-situ value) of $15.34 billion quoted above is just Kalkaroo!

The SUM of the ISVs posted last month is $30.94 billion (Kalkaroo + Mutooroo + North Portia + Grants/Maldorky). Refer footnote table.

Basis $30.94 billion, 50 cents therefore represents an ISV factor of 0.3% (undiluted) or an EV of $95m.

And say $2ps represents an ISV factor of 1.2% (undiluted) or an EV of $360m.

It's academic at this point. But it just goes to show the distance between the market cap ($35m) and estimated value as other posters are also pointing out.

DYOR

Table of estimated EVs and ISVs as posted in Sep 2017

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0	EV A$m
1	ISV Factor	Kalkaroo	North Portia	Mutooroo	Metals ex-Fe	Grants/ Maldorky	Total JORC Resources
2	2%	$ 306.8	$ 27.1	$ 61.7	$ 395.6	$ 223.3	$ 618.9
3	3%	$ 460.2	$ 40.7	$ 92.5	$ 593.4	$ 335.0	$ 928.3
4	4%	$ 613.6	$ 54.2	$ 123.3	$ 791.1	$ 446.6	$ 1,237.7
5	5%	$ 767.0	$ 67.8	$ 154.1	$ 988.9	$ 558.3	$ 1,547.2
6
7	ISV A$m	$ 15,340	$ 1,356	$ 3,083	$ 19,778	$ 11,165	$ 30,944
8	Source	27054792	27122073	27178053		27360879