Ann: Appendix 3Y - Tony Sage, page-5

Re: wat u tink......wat eye tink is dis....You can spin anything, if I have correctly understood your post(?)

They are “milestone” options, issued because EUR completed the PFS!

EUR apparently use a standard formula to calculate the price of 15c

“The Company proposes to issue 11,250,000 Options to the Company’s Directors in consideration for the Company completing its Pre-Feasibility Study (PFS).”


“Valuation of the financial benefit to be given”

“The Directors Options have been measured using the Black & Scholes option pricing model. Measurement inputs include the Share Price on the measurement date, the exercise price, the term of the Option, the expected volatility of the underlying Share (based on weighted average historic volatility adjusted for changes expected due to publicly available information), the expected dividend yield and the risk free interest rate for the term of the Option. The valuation of the Options is set out below:.......”