annual report, page-19

Volcano67: I was surprised by the lack of movement in the Share Price - but l still believe in those forecasts - especially after recent company announcements, company presentations and media coverage. Jason Brewer is talking 250k tonne per annum - and if this is realised - then those predictions your reference will be dwarfed by future share price movements. Think about the following scenerios:

A. 250,000 tonnes of high grade high quality Manganese multiplied by $80 profit per tonne equals $20 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 160 million market capitalisation.


B. 250,000 tonnes of high grade high quality Manganese multiplied by $120 profit per tonne equals $30 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 240 million market capitalisation.

C. 250,000 tonnes of high grade high quality Manganese multiplied by $160 profit per tonne equals $40 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 320 million market capitalisation.

D. 250,000 tonnes of high grade high quality Manganese multiplied by $200 profit per tonne equals $50 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 400 million market capitalisation.

E. 250,000 tonnes of high grade high quality Manganese multiplied by $240 profit per tonne equals $60 million profit. A Price Earnings Ratio at a super conservative 8 times and the equates to a 480 million market capitalisation.

The Kaboko beast is about to be unleashed