Ann: Quarterly Activities Report, page-44

Hi Romann,

I think it should be trading at 3 times current price on current fundamentals.

15 million revenue last half with roughly 2.5-3 million free cash flow. I estimate based on their forecast expenses and production numbers of another 1 mill of free cash flow this coming quarter. Previous mining services company we sacked, sold out of their holdings, widely believed to be in spite of the new management team. This was finished last quater which should at some point mean supply will end at these low prices.

New management team have been exceptional. Great track record, beat forecasts and run on a very tight budget. Starting up a new mine in the near term which is very promising.