quick question - where is this heading?......., page-41

Hi Devander

"Other companies current market caps around the same current market cap as EXT @ $10.00 per share it is worth ($2,305 million):

Macarthur Coal Limited = $2,203 million
Aristocrat Leisure Limited = $2,459 million
CSR Limited = $2,630 million
Paladin Energy Ltd = $2,868 million
Bendigo and Adelaide Bank Limited = $2,519 million"

Paladin's main project Langer Heinrich has a resource of around 175Mlb and its projected increased production is 6Mlb per annum.

Currently Extract has a resource of close to 300Mlb (and ever increasing) and a projected production of 15Mlb per annum.

So Extracts current valuation compared to Paladins look very cheap, as you are getting almost twice the resource and 3 times the annual production for 80% of the cost.

I know that Paladin is a producing mine and hence the higher value as the risks are diminished.

However, I will gladly hold Extract until production, if Paladins value is a gauge of what Extract will be worth, $30.00 looks a very realistic target.

Regards

Steve