Ann: Yellowstone Revised Terms , page-5

Positives:

1. Shaved $10m off the purchase price.
2. 5% increase in stake in the project.
3. last 25% based on the achievement of certain grades

However, there is still the threat of dilution affecting the value for original investors IMO:

Shares Prior to ASX Listing = 31,600,000
Shares Added Via IPO = 25,800,000

TOTAL SHARES UPON ASX LISTING = 57,400,000

UTK to get 20% of ROS = 14,350,000 new shares*

Combined No of Shares Now = 71,750,000

*Amount owed to UTK is $30USD, say $27AUD
Based on price of 0.35 20% of ROS = $5,022,500
Further payment of $21,977,500 AUD required
I assume this $21.9m may come from the sale of the Silver project others have mentioned? If not further debt or equity funding will be required.

A further $14m will be provided to UTK after the Capital Raising.**

Assuming they raise only $14m (likely to be larger IMO given they want to spend $10m on exploration) then they will create an extra 40,000,000 shares based on an issue price of 0.35.

Total number of shares on issue would = 111,750,000. This has the effect of diluting original shareholders to approx 51%.

That said if ROS is able to issue capital at a higher price than $0.35 then the above scenario is not a problem. If anyone has any insight into what the likely CR price is going to be I would be intereste in knowing so that I can run some further analysis.

Other Notes:

** I assume UTK is entitled to 20% before the CR. If the 20% is placed after the CR then this would equal 19,480,000 shares to UTK.