SP, page-6

Its quite simple if you werent so Naive.

Avg Basket price $1515
Opex sub $500

Round off to $1000/Tonne to keep it simple

40,000 tonnes pa = $40m USD, convert this to AUD lets $1.5 conversion rate. gives you $60m AUD

PE10 $600m MC

$250m would still be undervalued.

Lets go a step further and scale up of the plant of the additional 20k tonne pa

$90m USD

PE 10 $900m MC

- This doesnt include scale up further with tenements in all directions of the Pit.

- This doesnt include other projects which include, Gold prospects in Scotland and Tanzania around the corner.

So yeah id say $250m MC (30c share) is severely undervalued.

Times that by 4, that would be true value. This stock is a screaming Buy, uneducated investors will miss the boat, its a given.