current jorc resource, page-8

Hi Zerahs

Not sure about your calcs, figure looks too high. Maybe you could show some workings on your calcs.

Fully diluted (including performance shares and options on issue) EXM has 3.374bn on issue, with a current sp of .007c

3.374bn x .007 = MC A$23,618,000

EXM had A$5.6m cash at end of last qtr, so to arrive at an enterprise value (EV) one must strip the cash figure from the MC

$23.618m - $5.6m = $ 18m EV

That is too say that the market currently values EXM's resource/project at $18m.

It gets very tricky from here because we have the unknown factor of the downgrade to the Indicated portion of the Juno resource.

The value ascribed to 'in ground resources' (IGV) is dependent on a number of factors including grade, depth, level of JORC confidence (ie IND, INF or measured) and i believe can vary up to approx $100 Oz IGV. In ground resources are not calculated using the spot price.

To calculate the IGV being ascribed to EXM's Oz we will have to do calculations based on assumptions about the size of the Juno downgrade.

At the start of the thread i speculated on a downgrade of 60% for the Juno indicated resource (as i understand it none of the other resources are in doubt), based on that assumption the total resource would be approx 780,000 Oz
That is 1,177,000 Oz - (661,488 x .6) = 780,000 Oz approx

So EV of $18m / 780,000 Oz = $23 Oz IGV approx Assuming a 60% downgrade of the Juno Indicated JORC resource.
This figure takes no account of recent exploration success at NM4, tailings, up-dip Juno nor the Juno extensions at depth.
Nor does it take account of any future exploration success at TC, it also implies a $0 value for the Tanami

Hope that helps