14 bagger from here - detailed analyis, page-6

Hi mgm1a,

I've ignored the Dec-11 Options as they are:

(1) Out of the money at present
(2) Will be used for development of Azuay (if in-the-money) and thus the upside (increase in value of Azuay) and the downside (dilution) should be treated together.

As NPV calc's were only for LL I thought it unfair to treat diluted downside of Options without taking into account value of Azuay.

Gravscan,

I know BJ is really pissed off with JV partner and keen to give them a serve. Looking at possibility of suing for (a) increased project costs (b) damages that resulted in the nine month project delay.

BJ's resolve will have only increased given that arbitration went in EVG's favour and JV partner still packing-a-sad and not signing.

Nice to see that yesterday's announcement has been recognised by the market as a significant derisking event.

Cheers
John