Ann: Acquisition of Yandan Gold Project and Conditional Placement, page-24

Given the jurisdiction, prior mining costs / profitability, and how the projects synergise (mining lease, multiple pits to manage startup, water rights, infrastructure etc) on a successful consolidation (which is nearly complete) I would expect a base valuation for the Mt Coolon project around A$100 per oz of resource (looking at some peers quickly, this may be "wrong"), with this figure moving up rapidly as we start to show there is possibility to expand by >10/20/30%.

The total resource base for the camp (if Twin Hills also acquired per management comments above) should be north of 1moz, I'm thinking 1.2moz using today's gold price. So say around ~$120m base for Mt Coolon project post consolidation (no risk other than spilt ink) with market taking that to >$200m if exploration shows the pillar projects are under explored with new discoveries that are material to NPV.

If the team is right about high grade feeders driving these systems (see Twin Hills with 5m at 1033g/t Au) , the discoveries will definitely be material and market cap will explode past these paltry numbers. The exploration is funded. The exploration intellect within the company is also world class - look these guys up for example - Peter Mullens, Stephen Nano, Brent Cook.

At the same time confidence in project will improve with infill, permitting and studies and the cashflow discount will reduce as production is brought closer. There's obviously also the in-house experience to take things to production, this again will increase markets enthusiasm for the project as a most exploration plays are takeover opportunities, but the best takeover premium is achieved when you can demonstrate ability to "go it alone", which we are doing at White Dam in South Australia.

Take these numbers with a pinch of salt, in fact, totally ignore them because I'm sure we will have the broker research reports with better calculations in due course.

So I look at this Mt Coolon picture (funded) in addition to the White Dam story (self funding?), Malmsbury projects (partner funded) and I think things look very good.

We also have the Mt Morgan project on standby which if actively explored alone I think would justify a junior explorer valuation of $20-30m. This would be a great fourth track.

This company is really only getting started.