Mawson West Ltd Ord MWSWF

RE:RE:RE:RE:Galena/Trafigura

[snootchybootchy]

If you refer to Section 12 of the Independent Expert's Report, you will see the estimated value per share is the same in both the minimum and maximum dilution scenarios. This is consistent with my own calculations (see my Stockhouse post on December 25, 2014). Remember, they have to pay us $0.12 or $0.15 per share to exercise all their warrants in the maximum dilution scenario. I believe, Galena would exercise their warrants only if the environment was suitable for them to do so, such as, say, an increase in copper prices that would make it profitable for Galena to put Dikulushi into production concurrent with Kapulo. And in such a scenario, the substantial increase in cash flow would be offset by the dilution, which is why the value per share remains pretty much constant.