Ann: QUARTERLY REPORT FOR QUARTER ENDED 31 DECEMBER 2017, page-4

I would suggest with bigger plans than before and greater profit margins my estimate is 40-50c

That being said, that would be after the first quarter of mining confirming grades are as expected and actual cash flows being realised

I can’t say when that will be though... my best guess is we submit the MMP for Union Extended about March with a 3-6 month approval from NT gov.

Likely to start mining later this year but to get one or two quarters of actual gold out of the ground could be mid 2019...?

In the meantime I suspect Share Price will bounce along the bottom and may gradually start to increase or even jump upon final plans being approved and new profit margins estimated for the in house processing.

Maybe mid year this year we could get back to 15-20c ... but I definitely think maximum gains will be 1-2 quarters into positive cash flow.

Don’t forget the small number of shares and the majority being tied up with Management. Last year was very hard to get in ( and conversely this year would be hard to get out ).

End game is dividends which my previous calls were around 10c dividend....! Based on toll treatment with gold at $1700...

Patience is required, and a speculative risk profile should be obvious.

Could be my first Disallowed within the next couple of years if the stars align!