Just throwing around some more EV numbers. Current shares on...

Just throwing around some more EV numbers.

Current shares on issue 747,936,235

Working with CapEx of $132 million, bank $107 million and $25 million in a new equity raising (assume the $2.7 million in cash at Sept gets used for operating expenses until equity is raised).

At 7 cents that’s 357,142,857 new shares to raise $25 million

Total shares 1,105,079,092, market cap ~77.3 million, implied EV (assume debt drawn down) is about ~$159.4 million. The EV has actually increased based on the higher debt ratio (from my previous calculation at 7 cents of $131 million). Difference though is once the mine produces profits the smaller share dilution increases the potential earnings per share by about 36% per share per year assuming no more capital raisings. Esh