Thanks Wurlitch for pointing out the fairly forgotten position...

Thanks Wurlitch for pointing out the fairly forgotten position AMN have in Tali and WA1

Just to lay it out and update:

AMN owns 40% of Tali Resources Pty Ltd- Tali also has JV with Rio Tinto spending ~AUD50M to earn 75% of West Arunta Project.

Tali owns 17.8% of WA1

AMN's indirect ownership of WA1 = 0.4x0.178 = 7.12%

WA1 49.8M FPOs + 4.4M in the money oppies = 54.2 shares Fully Diluted

Price of WA1 today $5.97

WA1 Mkt Cap = $5.97 x 54.2 = $323.5M

Value of AMN's holding = 7.12% of $323.5M = $23.038M

AMN shares on issue FPO = 288,352,486 price $0.22 = Mkt Cap $63.44M

WA1 Holding = $23.04M /$63.44M = 36.3% of current Mkt Cap of AMN = 7.99 cents per share

Table lays out value of WA1 to AMN at various WA1 share prices:

	WA1 Mkt Cap $M	WA1 Price	Value to AMN $M	WA1 component of AMN Price per Share
1	$108.40	$2.00	$7.72	$0.027
2	$162.60	$3.00	$11.58	$0.040
3	$216.80	$4.00	$15.44	$0.054
4	$271.00	$5.00	$19.30	$0.067
5	$325.20	$6.00	$23.15	$0.080
6	$379.40	$7.00	$27.01	$0.094
7	$433.60	$8.00	$30.87	$0.107
8	$487.80	$9.00	$34.73	$0.120
9	$542.00	$10.00	$38.59	$0.134
10	$813.00	$15.00	$57.89	$0.201
11	$1,084.00	$20.00	$77.18	$0.268

At a WA1 share price of $8.21 value of AMNs holding would be worth 50% of AMN's present market cap and worth 11cps to AMN.

It is a pretty positive development for AMN and obviously the holdings in WA1 can potentially provide a backstop for funding Lake Mackay.