Ladies and Gents,Please indulge me. The following is an extract...

Ladies and Gents,

Please indulge me. The following is an extract from RFC AMBRIAN report.

"Our median valuation for in-situ contained hematite iron in resource is US0.58/t compared with Agbaja’s current valuation of US$0.35/t. While we concede that there is an argument to discount Agbaja against its peers
until beneficiation results are provided, we feel that when the exceptional scalability of the resource, relative ease of mining, proximity to infrastructure and quality of management are taken into account, Energio looks to be undervalued in the sector.

With this in mind if the met results and benefication result in a 58% recoverable Fe, forecasting a conservative valuation is possible.

Taking into account the $20 million dilution and you end up with approximatly 350million shares.

A 2bt resource using an average of the 2 current valuations (35c and 58c) at 46.5c should look like this.

2bt @ 58% FE = 1.16bt
1.16bt * .465 = 539.4 mil
539.4mil / 350mil shares = $1.54

If i am way off please let me know.