Ann: Mines and Money New York Presentation - 9 May 2018, page-14

Torrens IOCG. I would like to know, in the area, how many coincident gravity and magnetic anomalies have resulted in nothing? In other words, can we assign a rough probability of something economic?

I calculate at current prices, in terms of fully diluted market cap, that you get about the same exposure (within 10%) to Torrens, whichever of AIS or ARE that you buy. Of course as a comparison of the two companies, this is only relevant if you think Torrens is potentially worth billions and dwarfs the other assets each holds.