any thoughts?, page-13

re: monster dilution Sorry, and to spend on Noa2 and Burnakara.

Around 650,000,000 shares on issue now (450,000,000 free floating rest in esrow I assume??).
So it has a market cap of $11.7 million.

The JV expects to earn $27million in the first year and a half from when the mine opens in May 2005, from there there will be reliance on new discoveries. That's $13 million for EXT, before cost of extraction. The change to 50:50 from Noa2 with tectonic has taken away some near-term earnings for EXT, but in return gains better growth potential further out from new projects.

Given it has a project and plenty of discovery potential this thing looks ok. What I would be looking for now is confirmation of the quality of the ore they are currently pulling out of noa2, this I feel would see a move to 2.2 cents.