Ann: Four Mile Northeast Exploration Target Update, page-6

so 4ME and 4MW have a total of about 70MLbs and now add another 70MLbs at 4MNE and all of a sudden we have 140MLbs in total.

value that at US$6 per LB out of the ground and you have a valuation of US$840M or (exchange of 0.78) or $1.077B - AGS share of that being 25% is worth $270M or 67.5 cents per share.

if I change the price to US$10 per Lb out of the ground it values AGS 25 % share at $448M with a share price at $1.12.

If it is not sold - the JV now has 140M Lbs which if they mined at 5MLbs pa that would give a mine life of 28 years.

5MLbs pa sold at US$50 Lb (lets assume $20 AUD profit) produces $100M profit pa which equates to $25M profit to AGS pa which would be a dividend of (400M shares on offer) 6.25 cents per share. Multiply this by 15 and you have a share price of 94 cents.
IG would be earning (assuming he owns 100M shares) $6.25M pa as a dividend.
that's attractive.

ALL IMO of course