Ann: Request for Extension of Voluntary Suspension, page-19

Hi Beige

Thanks for the feedback. I am sorry you did not appreciate my post.

Here are a couple of dots you might join:

* Prior to the run leading into the halt, EUC was trading very cheaply on an EV basis considering the $11m cash backing. It was for all intents and purposes a shell, looking to vend in an asset of significance whilst cobalt is in the toilet and was cheap.
* There are widely reported rumours that the proposed transaction referred to in the relevant market disclosures is in relation to a gold asset in Australia.
* Even conservative forecasters such as UBS are suggesting the Gold Price will be $1600 in the next 6 months which augers well for the sector and unhedged resources. This is particularly in jurisdictions with low sovereign risk when compared to other ASX listed explorers with assets in places such as Burkina Faso.
* Notwithstanding the sector tailwinds, listed and unlisted junior gold minors are still struggling to raise capital and are likely to welcome a partner / suitor that is able to fund drilling programs as EUC is in the position to do.
* Let's assume that the counter-party is not ASX listed as there is not a suitable target also in a halt/suspension.
* The most logical explanation for the extended suspension is satisfying ASX in relation to Listing Rule 11. Let's assume ASX do not regard a pivot from Cobalt to Gold as a change in nature. ASX generally requires the additional disclosures relating to a change of scale where there is a 25% or more change in the scale of a listed entity's business.

Assuming a half-decent gold asset is vended in, and that the sector tailwinds improve, or at least are maintained, and that ASX regard the transaction as a significant change in the scale of the business, I would suggest the, EV and market cap will increase significantly from where it was when trading as a shell. This would obviously see shareholder value increase.

This is all just speculation and could be way off the mark but this is HotCopper after all. Hope that helps and you can cheer up a little.

In the mean-time, please continue drum rolling in advance of us going Bang. I'll update my sentiment when securities are able to be traded but right not there is nothing one can do but hold.