Ann: 170203 Appendix 3B, page-13

Just looking at the report from Baillieu from 28/10/16. They are the only firm I'm aware of covering HGO ATM. Baillieu put a NPV of 25c/share on HGO based on a copper price around US$ 2.0/lb. Interestingly they indicate a sensitive of 14c per 10% move in the price of copper. Now copper is around 40% above this level at $2.8/lb which would indicate a NAV of 81c before accounting for dilution. It seems to me HGO is under the radar ATM and somewhat disconnected from copper price movements. Hopefully we'll see a bit more scrutiny of the stock in coming months