Ann: Hedging Contracts Locked In , page-4

An extract from the Lonsec report found on the Adamus website, dated August 2009.

To me it reads that the shares are currently valued at $1.01

Lonsec values Adamus? 90% of the project at between A$86m and A$145m on a
US$800/oz and US$900/oz gold price respectively, a constant A$/US$ exchange rate
of 0.75 and a pre-tax WACC of 11.3%. This values the company at between $0.60
and $0.81 per share on a fully diluted basis. Hedging 75% of the first four years?
production at a price of US$950/oz would increase Lonsec?s base case company
valuation by around $0.08 per share. For completeness, Lonsec values the company
at $0.82 per share at the current spot gold price of A$1,138/oz (US$956/oz and
A$/US$ exchange rate of 0.84).