Ann: Management Update, page-14

From my memory it is a combination of IO price versus the aus/US dollar exchange rate needed to maximise profit. There is also the issue of IO grade. DSO is back in fashion with the Chinese, however due to smog level mitigation they are looking for high grade DSO at the moment. I think around 74% is classified as high, Riley is nearer 65%. The upside for Riley is the ease with which it can be mined at low cost. All permits have been achieved and there is a road freight plan to get it to port when the time comes. The risk is that Tassie decides to vote in a Labour/Green government back in, then you can expect lots more activity in the protest space and tax payer funded delay.

The DSO was once valued at $200M back when the IO price was above $100 and the exchange rate was 75c. We have that exchange rate again but just not the IO price yet. But one day, and perhaps not too far off this will be a nice little earner. Right now the SP is all about what's happening in WA. There are real and good prospects for a sharp SP price if/when good drilling results start coming in. The market knows this can happen, a small explorer suddenly hitting potential pay dirt and the SP goes into a frenzie and does a "ten bagger".

Middle drawer with a sell price of 50c......