huge upside...(gold forecast $440-$480), page-4

re: for sabretoothed Thanks to mallaby on Oze

Oxiana Ltd. Research from Lodge and Partners.

INVESTMENT VIEW - BUY
Key Points:
* Moving to 100% interest at Sepon/Khanong ensures cashflow vigour.
* Sepon/Khanong project delivers economic quality and resource
expansion potential.
* Future exploration success could drive significant valuation upside.
* Management success with Sepon Gold reduces Laos political risk with Khanong Copper Project
Long-term corporate appeal. Future expansions at both projects appear likely.

OXR's recent full-year results were in-line with expectations with the unhedged company
able to capitalise on higher gold prices during 2H CY03.
CY04 NPAT is forecast at A$31.3m with A$62.5m by CY 2005.

At current prices, with our company DCF valuation of A$1.03/share, we rate OXR a BUY.