I've had a crack at it, it's rough... but see what you...

I've had a crack at it, it's rough... but see what you think.

Assumptions,
Forex exchange 1 US = 0.7 Aus
Stable Cu price at current levels
Stable political situation
Miningnuts earnings figures

After full ramp up of stage 2 (1st October 04), AVM is earning $20 mill US or $28.5 mill Aus.

At 230,000,000 CDIs that = $0.122 earnings per share (as at 1st Oct 2004)

Assuming the two JV deals are successful and developed simultaneously for completion in 18 mths, and AVM has issued the equilivant of 40 million CDIs to raise working capital at $0.50 for $20 mill Aus. (This may be too much or too little, who knows?)

At 270,000,000 CDIs that = $0.291 earnings per share (as at 1st Apr 2006)

In the next 12 mths a new project (assume Kapulo) is brought on board, no capital raising necessary. Issued options become CDIs (10,000,000).

At 280,000,000 CDIs that = $0.357 earnings per share (as at 1st Apr 2007) - (At this point the Net Smelter Royal provision has been paid off earning AVM on extra 6% Net, however I've not included this in the calculations).

In the next 12 mths another project (assume Lufuke) is brought on board, no capital raising necessary.

At 280,000,000 CDIs that = $43.4 earnings per share (as at 1st Apr 2008)

Add whatever PE makes you comfortable to the above (rough) figures.

This is a growth plan that we know about, naturally anything can happen going forward. What we can rely on however is a linear growth strategy, there is little exploration risk with so many known deposits or JV deals available.

Cheers.