KCCCC, page-9

Hi VYR and thanks for your response.

The $200 million in royalties is clearly just for the State of South Australia (not gst etc) so I am still standing by my assumption of $4 billion in sales revenue and $100 million net profit per year.

I am also happy to be challenged on my opinion of the fair valuation of the company less a slight discount (no advice intended here!).

If the company receives a low ball takeover offer (circa $80 - 90 million) I think the board will struggle to convince existing shareholders that such an offer is fair and reasonable and in the best interests of the shareholders in light of representations from Hillgrove that the South Australian Government stands to gain over $200 million in royalties.

The Board needs to show the market that it is working in the best interests of All shareholders and the only way to do this is to disclose recent drill results NOW!

Ducky