ENERGIZER RESOURCES INC T.EGZ

The Objective Capital Reaserch Report...

[riverrock]

Can someone comment on varius items of the Objective Capital Research Report?

I assume that their Financial Chart is based on the Green Giant having Proven Reserves.

On the page headed FINANCIALS, ~p38 they indicate revenues of $595.4 million for 2014. I assume revenues means sales.

Their assumed operating expense at US $33.31 per tonne for 2014 (see ~p35) would give production cost of US $2.67 per pound of V2O5:

33.31 /(2204.6 x .00682 x 0.83) = US $2.67 per pound

If revenue means sales, and they assume that Green Giant's V2O5 production has 83% recoveries, then

595,400,000 / (7,500 x 2204.6 x 365 x 0.00682 x 0.83), then they are using a sales price of US $17.43 per pound of V2O5

Looking at Objective's assumed earnings per share from the FinancialChart under Retained Earnings of $224.2 million and Shares Issued at302.2 million , they assume earnings at US
.74 per share for2014, based on the 7,500 TPD Plant.

Other Comments...
I find their assumed costs of Plant and Other Facilities for a 7,500 TPD Plant to be on the high side, while the cost to produce a pound of V2O5 seems to be on the low side.