Ann: Becoming a substantial holder Tolga Kumova, page-55

For what its worth , and keep in mind this does not include the additional Chi-x volumes , the last 4 trading sessions including the 2 just before the trading halt - which were in beginning order of ASX volume 16,339,173 , 37,926,610,124,302,080 , and 33,552,719. So these together with the additional volume of 73,879,156 coming from Chi-x on the largest trading day. This would then represent = 285,999,738 ( 212,120, 582 without Chi-x )

And if we look at Chi-x for that single BIGGEST day of 73,879,156 we can see it was about 37% of the total combined volumes or 60% that of ASX on that day. So applying this factor to the ' unkonwn ' volumes on the other 3 days , we can approximate another 52,691,101 shares being added the ' known ' total of 285,999,738 ( ie 60% x 87,818,502 ) .

So we now have a theoretical close approximation of 338,690,839 RGL shares being turned over in volume in just 4 days. So then if you make the assumption that every single share traded was turned over , traded , and flipped THREE times , you would then have 42,336,355 or 17.1% of the previous 247,253,716 shares on issue changing hands and / or in new hands or indeed ADDED to existing holdings.

If they only traded , or were churned TWICE for every single traded share , this would then be a total of 84,672,710 shares being churned or a massive 34.2 % of the the total SOI being churned and finding itself in other hands.

So I guess the BIGGER question for me is how much has been churned as against how much as been accumulated . So even if the whole Top 20 holdings were to have been ' churned ' out .....only to then be re-acquired back through the capital raise - they ( the Top 20 ) would still only have roughly HALF of what they had prior to the raise. And we know that this is not how it's done , nor is it how Top 20 holders mostly view their investments

Sot the mere fact that Tolga has purchased 13,086,727 BEFORE the raise , and is also very likely to be participating in the actual raise - is to me more of a key point to consider at he present moment. And these are the reason's I am taking the opportunity to add more to my original and earlier purchases - particularly at what i would consider these significantly discounted prices relative to RGL's market capitalization and quality of tenements , projects , and resources.......