New MUS Independent Valuation, page-13

Let's give this some perspective from my current numbers:

• 2 auctions @ USD $150/ct = $19M AUD net income
• 2 auctions @ USD $300/ct = $42M AUD net income
• 2 auctions @ USD $450/ct = &52M AUD net income

From 12 months of rough Ruby bulk sampling ( not even full scale mining ) we will have massive cash flow without the significant quality/development/test-work/product qualification risks of Graphite projects in the region. These Graphite projects will typically take a minimum of 3-5 years to get anywhere near the cashflow generation potential of mustang's rubies. This with much better profitability than Graphite.

Mustang are digging gravel out of the ground, washing, screening, grading and parcelling for sale. Low-risk with the quality rubies MUS are getting from the Mugloto tenement we have.