SPQ Chart, page-722

Bratty, well.

Steam engine and Eastern aim to toll treat.
Around 70k oz over 2.5 years. Resources are 171k.

It was mentioned 1.5m a month cash in.
18m pa. Applying a pe 6 = 108m

I know it's 2.5 years, but I believe more resources will exist via extension.

Cockie creek already has 54k cu = 810m cu, roi 15% = 120m

So I'd value steam engine and cockie creek at 230m or 13.5c

Wyandotte, dido, big mag and bottletree on cu.
Dinner creek and windmill not included in value.

Bottletree alone if 150m tonnes I feel is worth 100m, esp if indications its open and more. We are now at
330m or 19c early stage.

So in a nutshell 13.5c without bottletree sucess, 19c with success at the moment.

Prudent because I've used stesmbe gine pre the resource upgrade, and not added anything for a large resource there, or at cockie crerk and valued other prospects at zero.

A big bottletree or pushing out steam engine ozs, could value Spq at 50c modestly.