Ann: Updated Corporate Presentation, page-66

I did like the $7.30 target at current spot prices which still includes a discount for county’s risk which they believe will disappear over time.

Sartor initiated coverage with an add rating and price target of A$5.80 (currently $4.26).

“Our A$5.80 target applies a discount for jurisdictional risk, which we think can unwind through demonstration of steady-state profitability in-country and growing recognition of Bosnia’s importance to Europe and its raw material supply,” he said.

“It’s worth noting that application of current spot silver and gold prices would lift our risked valuation to A$7.30.”