more to come....soon!, page-23

Appreciate what you are saying Mutty.

Similar geography to neighbouring BND with similar tonnage, yes at a greater stage of development ? acknowledged, but it is valued at 900m. That is a whopping (900/66 = 14) 1400% larger MC for what could well be a similar sized resource based on only 15% of EER?s tenements being actively drilled and reported on (and that?s not being overly optimistic imho)

I don?t see the remoteness as an issue currently, especially if we as you say, 2 yrs from production with infrastructure projects in the pipeline.

Instead of trying to complicate the valuation infinitely by applying discounts at every stage of the project I have been using a single discount. I do this because it is likely to contain a lower margin of error and its easier to be conservative (and I don?t have to try and spend an afternoon figuring it out).

Sorry if you find it boring but if you have a better way of valuing EER Id be keen to hear. I think as others have said, extrapolating the entire thing can be over optimistic (check giddyup) or make us look like a p & d stock which EER is not.

At the end of the day the market has ?spoken? - I think they?re singing the wrong tune thats all.

Cheers