Ann: Updated Mineral Resource Estimate - Muga Project, page-14

Nobody has an opinion on hfr and script takeover of Davenport.

Since my post the inferred resource has gone up over 1 billion tonnnes and is now valued at 3 cents per tonne according to today’s presentation.

The director interview also says drilling in January for four holes but the presentation says they don’t have sufficient cash. That is where my idea of highfield comes in. A script offer for pwn and a capital raising for Davenport at 7 cents and seats on board.

The market would probably value the resource higher than 3 cents per tonne if highfield uses some of its cash to develop the German asset.