Ann: Peak Hill Iron Project Drilling Update , page-11

Hi All,

What is the DSO worth to us per share if it is quoted at the minimal exploration target.

My Calc maybe wrong (based on $130 per tonne - low average price):

China paying around 171 per tonne at 62% at the moment until the end of the year.

10MT x $130per tonne = $1.3b x 70%

$910000000/2.4bs

approx 37c per share not counting the magnetite just DSO.

Can someone please check my calcs please.

Thanks

Kind Regards
Bobby