The CSA global report values Mace on the basis of comparative...

The CSA global report values Mace on the basis of comparative transactions based on a $A/km2 metric.

ie on the comparative transactional value of the square kms of the mining lease that Mace sits on (excluding 0.5km2 for the Tampia resource).

They get a value of between $0.4 million and $1.8 million using this flawed method as it doesn’t take into account any drill results, let alone any resources that are soon to be calculated.

This stupid analysis is basically forced upon them as they aren’t in a position nor have been asked to conduct a resource calculation or economic analysis on Mace.

Clearly Mace will be a game changer to the economics of Tampia. It’s just that no one is allowed to say as much until the company releases the information. By valuing it at as low as this report does it might as well value it at zero because it represents zero economic impact on the overall project at this value.

I think this report is misleading in this form whilst the size of Mace remains indeterminate and it’s likely impacts to the project also remain indeterminate. The valuation report should be done after Mace gets to a scoping study level at minimum IMO so that the economic impact can be understood by investors and shareholders alike.

The guts of the findings are that the offer is not fair and not reasonable based on a controlling premium and the valuation completely neglects Mace, which is the discovery that enticed the RMS offer in the first instance.

Basically the company is undervalued at the price it trades at today.

I’m starting a bit by bit accumulation today.

Will wait to see how the price reacts when the offer is dropped before I buy more, then I’ll wait to see the bankable feasibilty completed and inevitable funding arrangements to buy my second and third tranches.

Eshmun