Ann: Federation returns best base metal intercepts to date, page-11

They are nice results for both Federation and Great Cobar. The lack of news on Kairos and in particular, the commencement of mining is a worry. I get the distinct impression that without Dargues and with a total number of shares in the 860 million region, our share price would be nearer 70c given it hovered in the 60-65c range before the immediate months leading to the purchase of Dargues when it dropped into the 40s.

Of course Peak Deeps, Peak North, Federation and Great Cobar discoveries were all pre-existing the Dargues decision. My estimates as presented in earlier tables for valuing these resources, added to the latest would bring us into the 6 - 7 billion dollar income bracket with the Hera mines and Federation reaping around 5.5 to 6 billion in a 4 -5 year time span.

Dargues needs to start delivering big time. It owes us more than the 200 million we paid for it.