Ann: Letter to Shareholders , page-30

Gegraphically GRM's ground is outstanding, on a nearology basis.

Remember how close Sandfire SFR came to entirely missing the mammoth deposit?

My point is that a few mediocre rock chips from Turkey does not a bad tenement make.

Obviously its a speccie jb, we all know that.

$2 million market cap, no debt.. i dont know of any resource company with no debt with a market cap of less than $1.5 million, do you?

So lets assume $1.5 million m/c is ultimate floor price, this equates to sp of roughly 1.1c.

So worst case, Turkey drills find nothing, 1.1c, assuming all else is equal of course ie asx circa 4200.

A sniff of gold and you would expect at least a fleeting jump to a m/c of $4 million or 3c per share.

Best case is 5c to blue sky if they hit something worthwhile.

Its a very calculated risk at 1.5c or so.