We have completed a high level Project valuation for Dolphin, with a pre-tax, unfunded and unrisked NPV8 of ~A$121 million, with upside for any extension of operations, including underground. The Project is reasonably robust, and is most sensitive, as expected, to changes in revenue inputs, including metal prices. The base case valuation has been calculated using an AUD:USD exchange rate of 0.72.

We have also completed an indicative risked, after tax valuation for the Company with a share price target range of A$1.13 to A$1.84 based on share structures diluted for a number of conceptual funding scenarios - given the range of possible funding paths this needs to be treated with caution and used as a guide only.

Our base case valuation for RAC has been reduced from $0.44 in our last report released in September 2017 to $0.40 per share. Our valuation is based on a fully diluted basis. The reduction in the valuation is primarily a result of the increase in the discount rate from 12.4% to 17.4%, driven primarily by an increase to the beta from 1.1 to 1.5. The company now has three key value drivers: (1) NPP Sales; (2) FDA approval of Bisantrene; and (3) RPD designation and PRV.

Price target of A$0.23/share: Our price target is based on the value of the current projects and the risk weighted value of payments due on the development of the TCP. Exploration success on the other projects will result in significant upside to this.

We have also completed a risked, after tax indicative valuation for the Company with a share price valuation range of A$0.028 to A$0.048 based on share structures diluted for a number of conceptual funding scenarios - given the range of possible funding paths this needs to be treated with caution and used as a guide only. We would also expect this to increase with derisking with material progress with offtake and finance negotiations.