General Thoughts, page-8148

Hi Rachel

Thanks for the reply.

9 Billion shares on issue / including options.

@ 10c all options will be well in the money so will base the valuation on the fact that all options are converted.

Giving a fully diluted market cap of 900 million.

You are staying at 10c raise - So based on the most realistic CR there will be a 10-15% discount applied to current share price.

Let's use 10% - so 11c Current share price at time of before 2nd drill.

@ 11c fully diluted would be a market cap of
= $1 Billion

The higher discount of 15% would be the Billion+ plus.

Not trying to argue - love the chat and just trying to gauge alternative opinions on valuations.

see shares on issue below.