RWD Peer Analysis, page-73

So this is the state of play after yesterday:

	Column 1	Column 2	Column 3	Column 4	Column 5
0	Company	Share price (A$)	Mkt Cap (A$m)	Mkt Cap Premium to RWD	Implied RWD share price
1	Danakali	$0.745	$168	218%	$1.24
2	Agrimin	$0.600	$74	40%	$0.55
3	Salt Lake Potash (Wildhourse Energy)	$0.500	$67	27%	$0.49
4	Reward Minerals	$0.390	$53	0%	$0.39
5	Kalium Lakes	$0.400	$49	-8%	$0.36
6	Australian Potash (ex Goldphyre)	$0.125	$28	-48%	$0.20

SO4 and APC cannot be considered as peers to RWD now.
APC's scoping study revealed the economics are not as exceptional as they have been made out to be.
SO4 is questionable now too.

So this leaves RWD peers as Danikali, Agrimin and Kalium.

Well Kalium is a pure spec. They have nothing to show and yet their mkt cap is only A$4m less than RWD's.

Kalium cannot be considered RWD's peer.

This leaves Danikali and Agrimin.

You have to wonder how Agrimin can achieve virtually the same costings as RWD.

If you thought LD was far, Lake Mackay is Timbuktu....it's very very far. This will add to the cost.

As for Danikali, yes it is a great resource, but you have the Eritrean govt as your partner going halves.


I think ultimately the money will flow to these 3 companies.

Good luck.