lcy prepares for acquisition action, page-38

"Based on $180m valuation you quote (from the SRK report), the HAW SP should be circa $0.084 per share..."

I valued HAW between 4 to 6 cts using DCF with 8% discount.

The valuation is based on:

- JMS scoping study for Mt Ida magnetite project, considering they showed similarities in terms of potential and quality of magnetite resources with HAW/LCY Mt Bevan.
- Assumptions of JORC 1.1 to 1.3b tonnes magnetite @ 30 - 40 %Fe.

HAW DCF valuation (click here)

In my previous note, I mentionned that an increase in share registry to a total of 2 billion shares, would have an SP for HAW = $0.05

Both HAW and LCY are good plays, IMO.

Cheers,