Ann: Annual Report to shareholders, page-5

From the last 3B a week ago, its more confusing with the different types of shares, but few are actually in the money:

​

Right now:  440m Fully Paid Ordinary, so at a SP of 1c = MC of $4.4m

420m further 1.8c options.  So if fully exercised, diluted market cap at SP 2c  would be 860m FPO and a MC of $17m  (with extra cash from the option conversion of $7.5m). So an EV of just under $10m @ 2c.

I also treat the partly paid's as basically 2.7c options.   They show in the HotCopper and some other websites data feed of "shares on issue" which whilst technically true, is not reflective until years pass or the price rises significantly. At the moment they are paid to $0.00.

Assuming they get in the money 860m FPO's + 300m new partly paids = 1.16b FPO  , at 3c would be a market cap of  $34m. Partly paid contributions would have contributed a further $8m capital to get fully paid.

So under current structure, assuming all options excercised and all partly paid's contributed in full with the SP rising to 3c to make that worthwhile for holders of those, the market cap would be ~$35m  with an additional ~$15m capital injections to the company.