Ann: Further significant milestones on Karlawinda development, page-8

To support my recent postings I did my own analysis and concluded, at the then SP of circa $1.70, CMM was being under valued. All projects have a life cycle (development curve) and for a mining project you have: initial exploration, PFS, FS, Securing finance, Construction, Commissioning, Mature Operations. You can then overlay the value creation curve - shows in percentage terms the relationship between the life cycle and the rising increase in the share price.

By my calculations the project is about 50-60% through the construction phase which equates to about 70% of the expected mature share price - when in operation. Based on the forecast production rate, current POG, the ER, debts, mine life and relativity to other gold mining operations, I am expecting the mature CMM SP to be circa $3.00. There is good probability that the current and planned exploration will increase the current proven gold assets. So 70% of $3.00 is $2.10 which means that the past high of $2.37 was an over shoot and the current SP of $1.65 is under valuing CMM.

Now PLEASE note that I am close to four score years of age and my brain is not as agile as it was in my younger days. I do the calculations to work out the value of my SMSF which in turn gives me an indication as to how long I can afford to live So there is a direct correlation between the POG and my expected longevity So JSS-2107 unless your personal circumstances mirror mine exactly, I strongly urge you to do your own calculations which I would be happy to read as a post in this forum.

R1