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

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).