Ann: Quarterly Activities Report, page-10

Thanks Wurlitch for pointing out the fairly forgotten position AMN have in Tali and WA1

Just to lay it out and update:

AMN owns 40% of Tali Resources Pty Ltd- Tali also has JV with Rio Tinto spending ~AUD50M to earn 75% of West Arunta Project.

Tali owns 17.8% of WA1

AMN's indirect ownership of WA1 = 0.4x0.178 = 7.12%

WA1 49.8M FPOs + 4.4M in the money oppies = 54.2 shares Fully Diluted

Price of WA1 today $5.97

WA1 Mkt Cap = $5.97 x 54.2 = $323.5M

Value of AMN's holding = 7.12% of $323.5M = $23.038M

AMN shares on issue FPO = 288,352,486 price $0.22 = Mkt Cap $63.44M

WA1 Holding = $23.04M /$63.44M = 36.3% of current Mkt Cap of AMN = 7.99 cents per share

Table lays out value of WA1 to AMN at various WA1 share prices:

	WA1 Mkt Cap $M	WA1 Price	Value to AMN $M	WA1 component of AMN Price per Share
1	$108.40	$2.00	$7.72	$0.027
2	$162.60	$3.00	$11.58	$0.040
3	$216.80	$4.00	$15.44	$0.054
4	$271.00	$5.00	$19.30	$0.067
5	$325.20	$6.00	$23.15	$0.080
6	$379.40	$7.00	$27.01	$0.094
7	$433.60	$8.00	$30.87	$0.107
8	$487.80	$9.00	$34.73	$0.120
9	$542.00	$10.00	$38.59	$0.134
10	$813.00	$15.00	$57.89	$0.201
11	$1,084.00	$20.00	$77.18	$0.268

At a WA1 share price of $8.21 value of AMNs holding would be worth 50% of AMN's present market cap and worth 11cps to AMN.

It is a pretty positive development for AMN and obviously the holdings in WA1 can potentially provide a backstop for funding Lake Mackay.