macquarie research report, page-10

Gives a base Case Valuation for current operations.

Only includes $20 million for technology.

ZDoes not include any valuation for the Hellyer Residues Project or the Hellyer Metals Project (Stages 2 and 3 of latest INL presentation). Presumably part of the "subjective" 20 million.

If you go back and look at the Oz equities and Grange Research reports, it was the application of Intec technology where the real value in INL lies.

The ball is now in INL court to get the ball moving with announcements re commencement of Intec Residues Project and other projects to get shareprice moving higher.

Regards

SP