Ann: Trading during closed period (Appendix 3Y), page-13

Theoretical NPV calculations invariably use heavy discount factors, which make no sense to me, especially in inflationary environments.

The market cap is now a paltry $12m.

If a conservative NPV for Alpha were $400m, the value of the company implies virtually zero value for Alpha. I don’t think that’s reasonable. Even at 10%, we should be at around $45m, or say 10c, which is where we were before Pioneer took shares at a 46% discount to market and speared what seemed to be a bit of momentum.

If the Jordanians solve the science experiment, that value should rise a lot.

Further, the helium project is real and has a theoretical value, probably far greater than Alpha. Again, it may be reasonable to assume 10% of a discounted NPV at this moment in time.

But we are at $12m and so whereto from here? That’s for the Board to strategise.