Ann: Capital Raisings and Commencement of Drillin, page-8

re: Ann: Capital Raisings and Commencement of... JB

The company has just come through a period of it being uncertain as to weather they had a future. The price during this time reflected this - they know there is a significant amount of gold in the ground at Trenggalek, but had a market cap earlier this week of $4.5M.

The market is saying now, with the release of the capital raising - and importantly a very good plan of accomplishing their exploration goals - that the company is worth significantly more than this.

The price looks like it may go higher today - the market overall is pricing the value of the company at roughly 3.7 cents, giving a market cap of about $12.5M:

(current price + 1.8)/2 x 344M shares

This is still quite cheap however for a company with their prospects; EXM for example has a market cap of $22M - with a similar group of prospects at Tennant Creek. So it would not be unreasonable for ARX to reach that sort of market cap - which would see the pre-rights market cap sit at about 11 cents.

Regardless - good to see it go up, but good just to see some small amount of interest come back into the stock from my perspective, having sat on it for a while.