Negative EV, page-3

clarification on how the 19% is actually sliced gives these revised valuations, using June 2018 Feasibility figures:

BASE CASE

51% x US$90m = AU$64m

AU$64m / 629m shares = 10c NPV

LOW CASE

51% x $US85m = AU$61m

AU$61m / 629m shares = 9.7c NPV

HIGH CASE

51% x US120m = AU$87m

AU$87m / 629m shares = 13.9c NPV

alternatively, for a bare bones valuation, if 19% = AU$11m, then our current 51% is still worth AU$29.5m, or 4.6c per share, with a further 2.2c per share in cash giving 6.8c per share current value (this doesnt include notional value of other projects or the DFS for Saudi).