Ann: Supplementary Target's Statement, page-2

The independent valuation report has not delivered any particular surprises for the hardcore TAP investors. Clearly this company has cleaned up their balance sheet and for a couple of quarters it is generating free cash, so that is a good thing. They also have a better cash buffer now so that should add a few more cents to the stock price. Improvement in the production of Manora is also evident, albeit there is limited production life till around 2022-2023.

They will need to find another project that will convert to production. That may need them to latch onto another mid-tier or large producer since they have a small cash reserve to effect a meaningful exploration campaign to generate resources and convert to reserves and production.

All in all, I am glad that I held on quite a bit during these rather unpleasant 3 years.