key to doolganna?, page-14

RNI was a penny dreadful before its Doolgunna Project appeared on the radar, hence easy to see the value attributed to the project. Still, over-valued with a market cap of $100m with no resource or even drilling to date. $100m market cap is indicative of a major discovery pre intial resource. Hats off to the brokers backing this one (Argonaut I believe).

THX on the otherhand had a market cap of ~$60m to $70m pre Red Bore acquisition, hence a different value proposition and harder to attriubute value to Red Bore than if it was standalone with other project results flowing. Market cap only marginally ahead of RNI but has some significant copper intersections on the board.

Solid phase two results should attract a deserved re-rating.