Ann: Capital Raise to Fund Major Exploration Program, page-13

The non-DilutionThe problem of Amani is not the dilution, mathematically being 0.001 there is no dilution, because less can not be worth.Amani's problem is that even if he shows that he owns 4 million ounces in resources, he does not go up in price, Mr. Market does not believe the Managment with the intention or ability to monetize those millions of ounces.

Let's do an extreme calculation: 200% dilution. Amani ends issuing 17,200 million, plus 8,600 current. Total: 25,800 million.

Suppose a high AISC, such as Harmony Gold's worst surface mine: $ 1250 AISC, at the current gold price: $ 550 operative cash flow per once.

$550 x 4.000.000= $2,200,000,000.

CAPEX? U$D500.000.000.

NET PRESENT VALUE: USD 1.700.000.000U$D 1.700.000.000 x 65% (Amani stake)

U$D 1,105,000,000 = AUD1,578,571,428

1,578,571,428 / 25.800.000.000 = 0,061 AUD per share.

The capex is an asset, but even vauluating it to zero, and with a 200% of dilution, Amani offer a massive upside.

The issue is the Managment, not the assets, because the asset is massive undervalued by the market.If the Market trusted in management and in the project, dilution would be much more less, because the Market Cap will increasing together with the advance of the conatruction and the project, like happen with Ivanhoe, where the issue of shares dont make the Stock price go down.

I have the feeling that AJN will buy the next issue shares...