valuation, page-21

Defplayer,

Benefication from 18% to 63.5 is very cost effective. From what I understand, production is cheaper than anywhere else to achieve these grades. Google it for detailed summary.

Valuation is post consolidation, and is valued in terms of production forecasts.

It is not a valuation of the in ground resource ie 18%, however I understand they have loads of it. Lets wait for JORC, you will see.

Just to clarrify,

The $1.50 price is pre consolidation / predemerger ie: based on 984m shares. Relates to Iron Ore only.

The $2.64 price is pre consolidation / predemerger, relates to both ADY & RLL should they remain one company at a PE 10. Have been told tax rate for RLL is a lot less than 30%.

** Just throwing it out there, sure it is rough, but I don't do company accounts.

Company has a few milestones to acheive, I am holding, as there is nothing to suggest that they won't.