Member Info for MB11

13m would probably be around 7% of the NPV of the gold as it stands if it went to market now.

With the $2.6m DWY are planning to spend on the Minerva Ethiopian project, through the maiden JORC resource, commencing feasibility and further exploration potential resource value will soon emerge. Looking at one element of this business, the potential gold at the Tulu Kapi project which could be 1m, 1.79m or even more we don’t know, the closer we get to production a marketable value to the gold can become a reality which would in itself would more than underpin a company valuation of 13m. Should the forthcoming announcements and JORC confirm potential way above the current market cap I am sure that the SP will quickly be re calculated by the market. In the meantime I will be filling my boots when possible. Regards MB11

What I try to do with exploration companies is firstly look at their assets/liabilities and assess whether they are able to maintain their going concern status for the foreseeable future and the likelihood of a cash call. With regard to DWY they have mapped out their plans and apportioned cash accordingly as noted in the presentation, JV or finance will probably be needed to move onto the next stage, but the forthcoming reports updates will make this clearer, could initially be able to attempt low cost production to generate cash flow. The impression I get is that MS wants to get into production quickly so an injection may be needed. Trying to apportion a net present value to DWY and comparing it to the market cap at the moment is difficult until we know what the potential is, once we get the update (could include disposals, JVs who knows), JORC etc we can then start to do some meaningful sums based on resource figures. With regard to exploration companies a large amount of them never make that transition to becoming a producer, I personally don’t mind if they never actually make it themselves and try to get in at a market cap of around 5% of what I believe the underpinning value/potential to be of their marketable resources, I would then set a 10% target of the net present value (while still in exploration) of the resources they own as there is always the possibility of a takeover or JV or sale of assets.

Thanks, 1.79m sounds even better for 'starters'. All the best MB11

In her update on the 30th July 2009 MS stated that ‘we believe the project has far more upside potential than just 1 million ounces’, for starts just think of the value of 1m oz of gold against a market cap of 13m. With the JORC due soon it will coincide well with the wedding season in India (Sept-Dec/ Q4) which is often associated with high gold prices (strong sentiment for a potential gold producer DWY). http://www.dwyresources.com/files/pdf-300709DWYShareholderLetter_1.pdf?PHPSESSID=58dda48058d9ef1c78e4bb076555f577 I am also hoping as Spac3y mentioned yesterday that DWY stays off the radar a while longer so that I can fill my boots at this level before the JORC, reports, updates etc. ATB DWYers MB11

Thanks riddler. Also thanks for your post and perspective on the DWY investment, which I always like to read on the various boards you post, very interesting. For me as a business studies lecturer I tend to approach my investments in the same way as I teach my students to by (time & level of research depending on the proposed size of the investment) by carrying out a SWOT, PESTLE, Financial analysis. What has to be 100% for me before I bother with the research mentioned is the product (appeal, demand, quality, longevity), the sector & company outlook including SMART aims and objectives and most important of all the people (quality & trustworthiness ). For me personally my research dictated that I should buy with a view to holding long term. MS seems to me like an honest, shrewd lady who is determined to make DWY succeed. I often send e-mails to the CEOs of the companies I invest in, to be fair most are courteous and reply back. MS replied within a couple of hours to my e-mail, for me the fact that she replied so quickly answering my questions gave me confidence, lack of response from CEOs makes me jittery. Having had 1.25m shares the other day MS is going to be hell bent on fast-tracking production and delivering value here.

Interesting start to September with more buyers showing interest, I am sure that the smart suited boys will be position themselves well for what could be an interesting couple of months for Dwyka. Also interesting the timing of the share options, issues, before the value is likely to added in Q4. It is worth reading over the recent article on miningmx.com for a flavour of what is ahead. Dwyka plots gold, platinum strategies “My expectation is that by beginning September we’ll have 500,000 oz of inferred resource; our job then is to use the Venmyn report and results from a trenching work to drill out to a million ounces and begin production,” Sturgess told Miningmx. Dwyka will spend $2.6m over the next 12 months on Tulu Kapi, the gold project. The company, with a market capitalisation of £13.6m, has about $10m in cash. It will husband this carefully, based on outcomes of the resource statement, Venmyn’s report and the trenching work. “We won’t blindly put money into the ground if the world is still looking quite tricky, but we are certainly on a path to get us towards being a production company rather than an exploration company much faster than any other way, with more return on capital because it’s very easy geology,” Sturgess said. http://www.miningmx.com/news/gold_and_silver/dwyka-plots-gold-platinum-strategies.htm

Melissa Sturgess should do well with here 1,250,000 shares, she can go all out now to deliver shareholder value and make us all a nice sum of money.

Could the 1.2m sell be one of the voters against at the GM? In the EGM results about 5m votes were cast against each resolution relating to the share schemes, you don’t usually see say 13% of the votes going against the whip at EGMs. Would this have been one big holder not happy with the share resolutions or a collection of Minerva holders or ex management with a touch of the sour grapes?

Lets hope the Incentive Share Plan, Incentive Option Plan, Ms Melissa Sturgess plan does the trick, Interesting to see what the take up before the maiden JORC will be. The old way is the best: ‘passed by a show of hands’

I am sure that the bargain hunters will be watching this one closely and ready to pounce.

Dwyka received a mention (even a little mention can’t do any harm!) in an article out today on mineweb. Quite interesting anyway. Recently, Dwyka Resources Limited took over Minerva Resources plc for its Tulu Kapi gold project and Yubdo platinum project in western Ethiopia. Expansion into Ethiopia with Sheba Exploration Plc http://www.mineweb.co.za/mineweb/view/mineweb/en/page674?oid=88329&sn=Detail Annual report out in the next 2 weeks and JORC due around October should give DWY a shot in the arm, and somehting to discuss!

Hopefully DWY will get some more broker coverage once the JORC has been released. Ambrian Capital currently has a ‘speculative buy’ on the stock, though it seems likely this will be revisited towards the end of 2009 to price in Tulu Kapi. ATB MB11

Dear xxxxxx Thank you for your email. The Annual Report is due to be released in the next two or three weeks and will be posted onto the website immediately. 4Q relates to the 4th quarter of the calendar year, ie September to December 2009. The release of the maiden JORC resource is on schedule. Please let me know if you have any other queries. Kind regards, Melissa

I sent an e-mail to Melissa Sturgess yesterday afternoon (reply next) with a couple of basic questions. When is the annual report for 2008-2009 going to be released onto the website? In the presentation on the home page it states that the maiden JORC relating to the Minerva project is due 4Q, sorry in advance for my ignorance, but what time period is Q4? (I was not sure if Q4 was the financial year or calendar year)

I am 100% confident of a return here, re look at the annual report (assets, liabilities),the company announcements throw in the acquisition potential and that should be enough to reaffirm your faith.

Good point. MMs will also have to factor in turnover from the acquisition once they have things up and running.

Looking at the presentation on the home page and recent releases it seems like there could be a few announcements due over the next few months, market cap of 13m allows for plenty of upside here in my opinion. Will reduce some other investments that are in profit this week I think to top up here.

Lecturer in FE (preparing now for the intake of new students in two weeks, then the fun starts!) . I think that somehow DWYKA has been off the radar, but looks like it is getting more coverage now (article by AP50). I think some big investors would like to see an experienced chair appointed as I am sure that MS is the CEO and Chair.

Re looked at my original research this afternoon and spent a bit of time looking at their news releases, reports, updates & presentation (link on their home page) and to be honest there seems to be plenty of room for upside from their current market cap of 13m especially with the Minerva acquisition. Barring unforeseen circumstances it seems like they have the cash in hand to go ahead in their quest to generate a flow of cash from their acquisition sooner rather than later, as junior miners go I would regard this as relatively low risk. I might actually reduce in some of my more risky/volatile shares and put some more in here as I am back in work now after 6 weeks of holidays and don’t have the time to be watching my investments on a constant basis.