Ann: Third Supplementary Bidder's Statement & Variation of Offer, page-31

Hey Gray…...how are you?.....its all relative.....in my view the actual $value of a share price has little relevance ....its the actual total dollar value held of the whole parcel (total amount of shares held x share price)...We also need to remember that the accumulated tax losses (which are a future income tax benefit) were accumulated during our time as shareholders pre dating the offers of both Min Resources and Hancock. We suffered a decline in our capital share value during that time. It is also relevant to note that we do not know the full suite of commodities laying on our tenements as exploration activity was curtailed during the mining downturn. It is my understanding that our landholdings are large through the Pilbara. There are many factors that could influence the Atlas share price. DYOR