Ann: Over 1gt Au PGE in Soils at Phils Hill Prospect, page-213

hI

that 15% was more a statement to say that hitting is not guaranteed. It's a number I pulled out of thin air to serve a point about risk. I am also assuming a lot I know.

I have held chalice from over a year ago so have followed their share price and raisings with interest. I was just trying to mirror what they did. Admittedly they raised twice. 20 mill at approx 1.20 and 100 million at about 3.00 I think from memory I'd have to check. They also had a massively overscribe SSP ( which I participated in) from memory I was scaled back a lot. i was just averaging some numbers with 80 million at 50. They could raise 100mill at 1 dollar and the dilution is not to far from 80 million at 50.

Chalice is currently 2.5 billion. 2.5 billion div by 1.2 billion shares gives 2.1 ish. like i said back of a smoke packet but its a ballpark estimate. Chalice first drillbit report to now is 1 and a bit years. Hence the year/s ( which is my short hand of saying a year and a bit).