EGM documents due this week, page-4

Allyoops

EGO's market cap is about $44m. Assuming all the value is in Red Gully and that the exploration permits are worthless, this means that the total project is worth $57.6m and that ERM's share is worth $13.6m. This does not relate at all to the value of ERM's current 10% holding in EGO, as this is not being bought by EGO.

Again, I have assumed that exploration is worthless and that cash and debt is netted off. Remember that the Alcoa debt is due across both ERM and EGO's assets so it doesn't come into the calculation.

I have ignored the 70% uplift, because if it is left in place, the share price wont move anyway. IMHO.

Hope this helps.

Al