Ann: Appendix 3B , page-9

Not fully diluted

Will look at that tomorrow.

Working backwards from a guesstimate of the total resource at 1.5m Oz and the current market cap I get an EV of $63 per Oz

If it was closer to a producer I would say it was undervalued - lets say an EV of $100 to $150 per Oz which would correspond to an SP in the 0.65 to 1.00 range.

But it all boils down to Central Bore being bigger than 150 kOz. If (thanks to the high grade shoot) it is closer to 300kOz and Justinian about 250 kOz then the above holds.

If you only assume 150 kOz no Justinian no High Grade Shoot at Central Bore then the EV is about $100 per Oz which is not unrealistic but would assume is moving towards production.

But if I plug a 75c SP into the Central Bore 150kOz calculation and no Justinian I get $188 per Oz which is too high.

So in short 0.75 is possible but assumes the total resource upgrade is more like 500 kOz than 150 kOz.

Remember there has been drilling at Hann and Alaric as well which themselves could add 100kOz. Nothing like Central Bore but all part of the resource numbers.

With the larger resource (500kOz) and production as an inevitable I would say an SP of around 1.00 with an EV of 150 per Ounce would not be unreasonable.

Haven't worked out how to price prospectivity and the strategic value of the zone.

In the end of the day until we get that JORC it is all guesswork

Note all the above assumes the existing 750kOz