Ann: Walyering Production Update, page-80

Ratbox, I think you missed the point.

At end of June TPD had approx $9mil in the bank. A lot of Walyering was already paid for. There is obviously also other projects so is impossible to tell the split and timing of what has been paid.

Is likely the bank account is pretty bare at the moment, but Walyering when it gets to full prodn has been revised up to $80mil a year in revenue. TPD share just short of $3mil a month.

TPD may be short of money now but will not be in a few months.

Share price wise, my view, without being coupled with STX current TPD share price would in fact be around 23c to 24c, factors being:

- Walyering is now in prodn and revenue was recently revised up,
- Additional drill at Walyering in new year with prospects of extending its life,
- Mongolia reports going exceptionally well,
- Triangle drill in new year.

All of the above are relatively recent announcements and were not reflected in pre takeover share price.

Just my views.