We have determined a base case valuation for SDX of $0.31 per share. The valuation incorporates a number of assumptions regarding the sales of the IVD product for the detection of bladder cancer in the US and Europe. The product has been de-risked to a large extent given the company has obtained an IVD classification in the US, Europe and Australia.

We have a base case valuation of A$0.37/share for Telkwa - this is based on the small scale operation, and we see significant upside to $0.82/share in this with the ultimate, full-scale operation, and also upside with success on permitting and execution. We note that these figures are based on unfunded and pre-tax Telkwa Project modelling

Our base case valuation for RAC remains at $0.44 per share. Our valuation is based on a fully diluted basis. The company is expected to generate revenue over the shortterm through the sale of Bisantrene under the NPP throughout the four above mentioned countries.RAC intends to make Bisantrene available for use in Europe and South Korea. The company is also seeking to gain approval by the FDA for its drug via the 505(b)(2) route.

We have revised our target price for CDA up to $2.51 from $2.24 per share in our report published in March 2017. This represents an 8.2% premium to the share price at 14 September 2017. The company continues to deliver product innovation and development which has resulted in sales and earnings growth in recent years.

We have completed an NAV valuation for Vista, with this resulting in a Company valuation of US$440 million, or US$4.50/share. 92% of the valuation is attributable to Mt Todd, with an NPV5 value of US$405 million, or US$4.14/share.