Homework, page-2

X - You didn't do your homework very well as you may not have read the investor presentation released on Monday

Current shares on issue = 984.3m

New issue = 2,952.69m

Total shares after issue = 3,936.93m or 3.93693B

You are only out by a factor of 10 so we'll give you 4/10 for your homework because you are right in suggesting they need to find a shed full of gold

At 10c the MC would be close to $400m

I'm still thinking about tipping more in - I would be happy to see a new BoD rather than just a new CEO as its very hard to make a leopard change its spots & Phil/Frank & Mal have overseen the last 20 years of wasted spending (& yes I acknowledge Phil has kept the whole shebang going & that he is sub-underwriting 23% of the issue by offering to convert part of IOMA's debt to new shares - $2,060,000 or 686,666,667 shares)

The only thing that really bothers me is the statement in the investor presentation that says: "Experienced Board - With a long track record of success in exploration, value adding & bringing assets into production".

Really? - are we talking about the same board?