Ann: Additional Placement-EXC.AX, page-67

Something to bear in mind is that anything over $1400/ ounce is basically profit as the cost structure does not increase. Logically that means at current price of $1700/ounce the existing projections of 17 million profit between the two parties would be doubled to 34 million profit over the same time period. This would greatly accelerate the return on Capital outlays to the mining Contractors under the Agreement, which would mean EXC will revert from 33% of the profit to 55% in a much shorter time period. At 1700/ ounce, EXC would stand to make around 14 million over 2.5 years instead of an already healthy 7 million based on a conservative average of 41% of the profit share. Add to this very possible extensions to the existing reserves plus new gold targets which could easily lead to new gold reserves and the possibilities of extending the 2.5 year mine life become very possible. Not only that, all exploration upside is under the control of EXC and as the initial set up phase of the mining Contractors is the most expensive, future deals will likely offer larger percentages to EXC from the outset. If one does considers what value should be attributed to this Company that could well be staring down the barrel of $6 million a year profit with a paltry MC of 12 million, with no funding responsibilities its not hard to see why MC could already justify multiples of current MC imo. Now throw very prospective lithium exposure in an advanced state in comparison to peers. All this presented to the market in a tight capital structure, cashed up, so no risk od CR in the medium term and EXC looks very interesting. I dont think there is a better combination of minerals to be involved in at the moment. If world markets get shaky, gold is likely to strengthen further. Good lithium results with juniors are being very well rewarded by the market at present. Expecting an announcement that field exploration has commenced for lithium followed by assay results of historic drill cuttings. As usual DYOR as none of us are experts.