6c, page-4

Disclaimer: **The below post could all be pipe dream stuff. I do not have any formal technical experience in valuation. I am just offering possibilities**

I suppose we could calculate the NPV of the Aravalli project to provide a valuation based on the GSI in ground figures and assumptions around extraction, recovery rate, costs and Pb/Zn price.

-If rocket or reggie etc are comfortable with performing such calculation I'm sure people would be interested...

Such a 'back of the envelope' calculation may provide us with an idea of the potential ARAVALLI BEAST. If someone is willing to have a go at this NPV valuation please do so. I'm sure everyone would appreciate it!!

6 cents could be possible on announcement of the award of the Mining Lease. Not until then however.

HCL payment could put SP above 1 cent to 1.3 cents. I can't see 2c based solely on HCL payment as historically the market does not give a stuff about IRL

Aravalli funding certainty may provide the additional catalyst for a SP anywhere near 20 cents.

I believe that if we are to see the SP reach ALL TIME HIGHS this would solely be based on a JORC announcement that even remotely matched GSI figures (along with aforementioned funding certainty) ...well I think that is blue sky stuff...Way over 20 cents based on peer comparison like Sirius Resources.

Not an expert on Sirius but their JORC for Nova deposit seems less than IRL GSI figures???? Although they operate in Australia so there is no political or legal risk per se. Still, even with a discount factored in for such risk IRL may have the bigger JORC, so Sirius may be a possible peer comparison (as far as In ground value is concerned)?

Anyway just my initial thoughts...

HH