Expert Valuation for EGM, page-10

I bought into this company in June last year when it was near death with no cash and a huge negative working capital number,

I have empathy with long term holders. Things definitely didn't go to plan and the copper price dropped to below production cost.

The chairman's links to the SA government and the MD's tenacity in gaining support from all stakeholders saved the day. Cashing in the hedging was brilliant.

Since my involvement board and management have done a great job.

The past is history so Looking forward form todays 8.2c price we have :-

130m lbs of high grade copper to be plucked from the ground in the next two+ years at an incredibly low strip ratio and cash cost.

$65m of the cash cost already spent.

$24.7m of franking credits,

$207m of carried forward losses and

A copper price well over $3 US and rising

Which all makes a market cap fully diluted of $47m fundamentally way off underlying value.

The 15c valuation is akin to a liquidation "not ongoing concern" scenario.

I'm hoping all the possible resources and the Pumped Hydro can be turned into reserves and a recurring income stream so the company can trade on a multiple of earnings buy 2019 when the cash is flooding in.

The discounted cash flow 15c might well prove to be a bit of a joke.