Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

Just an adjustment to the possible tonnes - the weighted average of each hole mineralisation is 65% ie 65% of each hole is mineralised on average. Using that figure and the 1,350mt to 1,100mt achieves 715mt to 877mt lets say 700mt to 875mt - again this is rough estimate but better than my guess of 600mt to 900mt in my previous post.

Also using the pricing formula in their May announcement the weighted average TREO grade is 2.93% - close to 3% which puts the grade in the medium grade ie 36% higher than the Rare Peak Earth company grade. Using that takeover as a base and the tonnage above then ARN potential stock valuation (I use upper limit) is between $670m and $840m or 11 and 14 times the current MC of ARN (ignoring options). Note there are many aspects that would vary these figures very substantially up and won.

Please take all my calculations with a grain of salt but it does illustrate that ARN seems potentially very under valued.