hartleys valuation of 70cps..., page-20

Saylor,

IMO Pen cannot be an EXT at Lance alone. Refer Extract info below:

On the other hand if Pen's Lance and Karoo projects combine to give 200M lbs Jorc resource and 10M lbs pa production then it could be 2/3rds of what EXT was back in Oct/09 and given all else is equal then that would mean a share price of say $6.00.

All speculation at this point and some time in the distance but then again as you know a lot of high confidence by management and investors that Lance will make the grade for 100M lbs. Can Karoo come up with the other half? Others like HS and Nyklex will know more.

Also interesting to note in the EXT document, referred to below, a share price/time chart with causal description at points where the Share price jumped and three of these were
when EXT tabled their 1st Jorc and the other two were when they added to the Jorc.

Regards, JJ


===========================================
Ext Info
from a presentation document available on the EXT website and titled "Extract Presentation October 1st:

As off the 1st Oct 2009:
-----------------------
Jorc compliant resource (indicated and Inferred): 292M Lbs
Planned Production: 14.8M lbs
Plant Capex: 700M
Cash(Prodn)Cost: $US24
Mine Life: 20+ yrs
Prodn Method: Crush/acid leach, assessing Heap Leach
Share Price: around $9
P/E: 8 (my own calculation)

*note EXT are targeting a JORC of 500M Lbs wow!