Ann: Renounceable Rights Issue Update and New Prospectus, page-36

"50 cents" ??

Basis the sum of the ISVs (in-situ value) posted last month of $15.34 billion, 50 cents represents an ISV factor of 0.6% (undiluted#) or an EV of $95m. A steal! There are many listed examples trading at higher ISV factors than that.

Even say $2ps is cheap by industry standards ##, representing an ISV factor of 2.5% (undiluted#) or an EV of $360m. Many comparisons suggest Kalkaroo alone is worth much more than that.

'Get Rich or Die Tryin' - (the other) 50 Cent. Life imitating art...

DYOR

# Used undiluted as outcome of rights issue unknown.

## The value factors ranging from 2 to 5% are rules of thumb used in the industry to value mineral resources under the VALMIN code (Canaccord, August 2012 Research Report).