Guestimate: Kimberley/King Leopold soon to be JV'd with IGO, page-4

Difficult to say. It seems to depend in the profile of the company as much as anything else.

On the other hand if they were to find indications of the scale that SVY reported a few weeks ago, or SPX the rerating could be significant.

The quarterly and Phase l drill report laid out the 380 meter diameter anomaly that bears similarities to Walhalla, but much bigger, plus subsidiary EM signatures. This phase will be drilling deeper and attempting to define the extent of the halo; confirmation of the magnetics and higher assays as they drill into the anomaly should be very supportive and give targets for deeper drilling for the next phase of drilling.

Resolution of the SPX situation could be really positive; CHN have been discounted by more than the total investment in SPX, while SPX are trading at more than the average buy-in price. In the event of the dispute be3ing resolved to the positive for SPX they could be trading up to 20 cents, meaning $19 million. O3 has been hitting extensions to their known ore bodies in Canada and will likely be rerated as their capital structure solidifies. If these two play out to CHNs' favour then cash and investment backing could be overtaking the share price again. Throw in Pyramid Hill and King Leopold for free.