Bobby,I am stealing this from Lord elphus which is a well...

Bobby,

I am stealing this from Lord elphus which is a well respected poster from another site. I'm sure he doesn't mind. Better reflection than to use MRU ev/jorc valuation and then extrapolate on EXT jorc resource. You get a bigger valuation that way. Here goes ...

"Hi Surfrat,

I calculate it a little differently but come close to the same figure:

KAH currently holds 42.79% of EXT shares thus the 0.4279 figure in the following equation:

EXT = (K x E x A) / (0.4279 x B)

Where:

K = KAH Price in British Pounds - currently 2.45 pounds
E = Exchange rate British Pounds to Australian Dollars (www.xe.com) currently = 1.623
A = KAH shares on issue = 245,424,578
B = EXT shares on issue = 250,601,367
EXT = EXT Share Price

So for the closing price of 2.45 pounds we get the following:

EXT = (2.45 x 1.623 x 245,424,578) / (0.4279 x 250,601,367)

= $9.10
"