strengthening, page-34

shares 114,300,000 * 2.40 = market cap 274 million

cash and aki shares = $98 million (eqx)

so $176 million is attributed to the two projects.

Exxaro have valued aki @ 338 million less 22 million cash = $316 million (aki value)

AKi do not have an existing agreement on rail, nor a port, and need to build rail spurs (cost $100 million).

EQX were given two new parts of land in area for free (100% ownership - and to me demonstrates their relationship with the government) where aki own 92% and 85% of their projects

EQX are more advanced in all areas except they have no jorc yet (due 2nd half of 2012).

Banondo project is north of Belinga (BHP look like spending $4 billion on project) Glencore invested in (core mining) and sundance...all have majors circling.

aki = 1 project

eqx = 1 project with existing rail,port agreements + 1 potential sundance like project + 35% of market cap in cash/securities

Upside is compelling