Future price, page-10

The share price will be driven by the NPV of the Isabel Project plus a bit more for exploration and mineral resource upside. Currently there are 284,093,386 shares on issue plus another 37,758,214 options. For the share price to get above $1 the NPV of Isabel would need to be around $300M. Given the published cash flow ($100M EBIT over 5 years) for Isabel the NPV will not get close to $300M. There are also the 4 for 1 options all with exercise prices below $1 so if Axiom get Isabel back and the share price runs there will be a heap of options being exercised at $0.30, $0.40, $0.50 and $0.50 which could then hit the market. Therefore, its going to be hard to see the share price over $1. Maybe get back to $0.30-0.40 upon successfully getting Isabel back (if that happens).