Ann: Appendix 3B, page-39

Hey mate.

I recently revisited a very detailed CSA-produced valuation report for another project and the value ascribed to Resource Oz (after analysing 33 WA gold transactions between 2012 and 2015) was:

Low Factor: $15.81
Preferred Factor: $29.77
High Factor: $46.58

For a true valuation of CLZ's assets, we would need to also apply the Kilburn method which would only yield another couple of $M at most.

I personally reckon that in order for CLZ's fundamental value to increase, the following needs to happen ASAP:

- Analyse gold transactions for years 2015 - preesent (which would have higher prices due to gold price and corporate competition for assets etc);
- Re-estimate the "Ladies" JORC resource after all the drilling that has been done ~10kM RC and DD;
- Run whittle optimisations etc and update mine plan and financials;
- Upgrade scoping study to PFS with higher confidence in NPV (remembering that the scoping study +/- 30% NPV was $58M AUD).

That way we could use all of the aforementioned to justify a sustainable market cap beyond $25M.

CARN DEANO - KEEP EXPLORING BUT LETS GET SOME DECENT DESKTOP WORK DONE TO IMPROVE FUNDAMENTALS.