Patersons Research Update, page-19

Are you guys seriously going to be upset at a research note that; gives a valuation premium of 38% above the current SP, doesn’t give any value to your other projects, gives you an additional 12 months to bring Lindi into production, and applies a 50% risk factor for the Lindi Project being located in Tanzania?? Holy moly, you’re a tough crowd, this is a great valuation given its openly (and perhaps deservedly) modest valuation.

Would you prefer that Patersons release a research note with a grossly excessive valuation that the market immediately calls BS on and sees it as the ‘paid for garbage’ BS that it is? This is a solid research note with a warranted moderate conservative valuation. Once you prove up a resource in Namibia and Ireland then that can be factored into the valuation, but to do so on just ‘potential’ alone, you can forget about it. Come back and cry foul when you have a proven resource at those other projects.