draft valuation, page-10

re: update Good to see some followers.

I have my doubts sometimes about the management.

I wrote to Peter Gazzard saying he needs to inform the market better.

But Hartes Range disappointed me slightly. I though the project would return more.

But still, it is returning about 1.8 cents EPS after tax so that in itself supports an 18 cents share price.

Zalimatan is forecast to return around 2.5 cents EPS.

Keysborough my calculations show return 5.5 cents EPS.

So in total on the current number of shares + options on issue, I calculate nearly 10 cents EPS.

On PER of 8, that is an 80 cent share price target.

Management do seem negative at times.

I hope it goes well.

Holding at 14 cents and took up the rights at 16 cents.