Ann: New Plays and Leads Show Further Potential i, page-11

re: Ann: New Plays and Leads Show Further Pot... Agreed freehold. 5x on lower end. 10x on upper end. That's about my range too.

I'm wondering whether a JV of sorts will happen sooner as well (even though Armour have been very careful to state that they are 100% owners/operators for the meantime).

They will spend most of remaining cash - $40mill in the next 12 months.

We should get results from LKO work shortly and we'll get an appreciation of whether that can actually provide a shorter term cash source.

I don't doubt they will have some big resources proven in the next year based on finds from last year, and big potential projects generated, the next question is how will they fund it?

What I feel confident about is that Armour have the in house expertise to handle that question and provide tangible options. I don't know many cos at this phase of development who have the means inhouse to provide that confidence.

Re-rating is just a question of time, and not much more time.