Ann: Chairmans Address to EGM, page-28

Am I missing something here:-

(1) Shares on issue post consolidation circa 230 million.

(2) Market Cap at 4.0 cents (as per IPO) would be circa $9.2 million.

(3) Cash on hand circa $4 million from IPO less costs and acquisition and $3 million cash before IPO.

(4) EV equals $9.2 (Market Cap) less $7 million bring cash plus acquisition of option over the land. So, EV of circa $2.2 million.

So, we have an EV of circa $2.2 for a potential limestone project JORC to be determined by the end of the year?

Is this correct?