Ann: 2017 AGM Presentation to Shareholders, page-18

That's OK avagadro!

I'm generally 95%/5% FA/TA.

My TA is limited to basic support and resistance levels based on the SP history coupled with decent turnover. If I'm looking at a new (for me) company to possibly invest in, then the first thing that I normally do is bring up a chart to see where it's been price-wise. A chart demonstrates the important SP history as a rule, although sometimes big share issues that happened along the way need to be checked, also any consolidation of shares.

So, I wasn't familiar with your 'scans' statement; hence the question. Thanks for answering me on that!

As for the FA, whether or not the price is fair and reasonable requires an examination of a few factors, including:

1. The number of shares on issue.

2. How tightly held those shares are.

3. How the SP translates into a market capitalisation figure.

4. What has been done before exploration-wise and mining-wise by others.

5. Whether or not the defragmentation that the promoters have been able to achieve is really meaningful or not.

6. The potential importance of better exploration techniques now compared with some time back.

7. Whether or not the talk of the 3 mains assets being part of one big porphyry system has 'legs' or not.

There are other factors, but these 7 come readily to mind.

I think that numbers 2 and 7 are very relevant in so far as trying to understand the MC (which from a fundamental pov I think is way too high). The tight register, with promoters and cronies heavily involved, enables, imo, quite easy price movements. It's only a hunch, but I think that the SP has been inflated as a result of that; also might explain the significant-but-subtle price changes from time to time, up or down! The SP inflation has been aided by the talk, both here and in company anns, about there possibly being a very big porphyry system that remains undiscovered. That's a major selling point!

My thoughts are that there is much water to flow under the bridge before these tenements are going to be considered as being able to yield up minable minerals or not.