Ann: Investor Webinar Presentation, page-47

There are simple basics:

- we were deceived twice with regards to the last 2 capital raises, first before Christmas and again now,
- As a result dilution is around 25% all up,
- That means this company with a market cap of $150 post December capital raise would have equated to around 27c is now only around 23c share price,
- I get to $150 market cap as previously. roughly $100 mil Waylering, roughly $30 mil Mongolia (on look through basis) and small amount for the rest,

So to my mind our next port of call is 23c or there abouts, not happy as was previously higher.

To my mind we will not get beyond 23c until there is significant more work, announcements re Mongolia, increased resource Waylering, others. Mongolia may not be far away, but everything else is quite some time away.

The only immediate thing this stock has going for it is almost instant cash flow from Waylering, otherwise it is pie in the sky and many more capital raises.Mongolia will if it pans out require huge amounts of cash.

Lets hope for 23c in the next 2 or 3 months. 14c is rubbish !!