Ann: Drill for Equity MOU with Geodrill for up to US$2m, page-11

The market cap here looks ridiculously cheap to me. They have raised well over 30 million to get this far (at much higher prices) and have come up with a good MRE, which has substantial growth potential, all the while getting a further understanding of the geology. Further to that you have well respected institutions continuing on register, and have PRU on there too. The drill for equity should help mitigate some cheap and somewhat costly raise at these low prices. The foundations seem pretty much there now for the upside and have lowered the risk now they have identified further growth potential along the fault. Other thing I like is that this is such a shallow resource (the MRE is based on depth to 175m), even compared to TIE it is shallow (TIE I think is around 300m). Imagine the upside if / when there is cash to drill some deeper holes to see what lies a bit deeper as there were some pretty decent hits at Tchaga below the 175m.