Ann: Expiration of Unlisted Options, page-11

Danikali's mkt cap is >3x Reward's market cap.

Yet look at how identical the production, capex and opex is between these two companies:

	Column 1	Column 2	Column 3
0		Reward	Danakali
1	Production pa	400,000 t	425,000 t
2	Capex	US$256m	US$261m
3	Opex	US$263/t	US$255/t
4
5	Mkt Cap	A$56m	A$176m

Also worth noting that Danikali shareholders own only own 50% of the project.
So RWD's share price should be at least 6x it's current share price if it:

- publishes a DFS
- secures JV partner for financing.

A JV partner would place a higher value to the lower sovereign risk you would think as well.

If it can do all these things by year end then a share price closer to $2.50 should not be out of the question as some have suggested.