Chart chat, page-4

The chart perfectly reflects anticipation of forecast revs plus the gold spec play, though it's only just being woken up to.

12 months ago APC had not harvested any salts and did not have a funding deal on exploration of their gold tenement, no trials or brine transfers, and it was still trading at 10-12c putting the MC at around 36m compared with today's 28m.

The SP hasn't stagnated once since the re-rate commenced and there is clear buying support for multiple lines behind the spread.

12-13c in the short term is perfectly reasonable IMO.

The real question is: What will it be when we're in production with operating pre-tax cash flow of $118m in stage one at 150 000 tpa, doubling to 300 000 tpa in stage 2?

A $60 mil MC is only 20 cents. With a 15 year life span in stage 2 (years 6-20) the real inherent value to shareholders would be multiples of this, which IMO comfortably puts it in the range of 30-40 cents well before we reach that stage of production.

My prediction is 15-17 cents by end of Jan.