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I think you guys need to look at comparable companies and their market caps. DYL and BMN, whilst they are not identical to EXT, are reasonable comparators or as reasonable as you're likely to get.

Going by Friday's closing figures the market caps are as follows:

BMN $433,650,000
DYL $494,130,069
EXT $139,995,000

You will find that the difference is due to a perception of the stage reached by each company. Some people say EXT is 12 months behind these companies but I think at the current rate of drilling EXT are only 6 months behind.

In those 6 months you will see the TSX listing (22/10/07) the scoping study (any day now) and the maiden resource statement for IDA dome only (early 2008). Keep in mind that based on IDA dome alone the above market caps will be matched.

So based on IDA dome alone, by early 2008 when the maiden resource statement is released I forecast an EXT share price of between $3 to $3.70.

By the middle of 2008 there should be more information about Rossing South and Hildenhof which will serve to maintain the speculative momentum. In the longer term the Uis projects will provide further exploratory growth whilst the meat and potatoes of the IDA facility is being built.

If it was ASX alone I would not be so bold in my forecasts but since I am sure the TSX listing will be well supported by institutional investors related to Bob Buchan then I am quite confident of my forecasts.