capital raising, page-5

re: capital raising.10 percent less dilution Some basic observations Wilf.

Thats 82 million shares not issued which roughly makes 10% less on issue than expected which gives a rough cps of 10% higher on those Lonsec estimates dependant on the offtake of course which pushes the upper valuation out to 68.2c based on a zinc price of $1.40/lb.

Just another point of interest,the last 15 month zinc price was $1.70/lb.

IF they attained such a price for the zinc that would push the cps to around 85c based on a zinc price to share price ratio of 2:1 from the Lonsec valuation,or $1.70/2 = 85cps

All this 10% stuff is possibly being confirmed via the current market being at 30c and the issue being at 29c which is interestingly enough just above 10% above the base Lonsec valuation of 25c/share.

The big question being what will they get for their zinc.

d.