Ann: HORN ISLAND SCOPING STUDY AND MRE, page-45

Agreed Watchit. Management has splurged cash all over the place in various projects and of course,
their own pockets. They seem to think they will win the lottery next week to finance future operations.
Have followed your advice re voting. Will be fascinating to see if AB can come up with anything plausible at the AGM.
Hard to think this company is not worth more than a few million. Having said that, I’m sceptical about the NPV
$140M valuation. It was calculated on a 5% discount rate. Most of the valuations I have seen are done on a
more conservative 8%, which would take it closer to half that figure.
pargolf