Ann: Investor Presentation - Emerging Mallina Gold Province, page-63

I think mr Market has some doubts around economic viability that need to be overcome as yet. Particularly the underground component. Ore sorters may help, but its hard to tell without a PFS and a PFS is hard to do with constantly changing information on ore bodies (even when its good information!). So we are in a bit of a trap, we might be undervalued, but to get the value, we need to sit and wait and develop a sound PFS that demonstrates it's all economical (or not). Or we drill ahead rapidly, as we are, but run out of cash before anyone is convinced it's economical, and have to raise at low prices with related massive dilution (yet again). Current underground grades aren't wildly exciting, even though there is evidence of increasingly greater resources down there. So to move onwards and upwards we probably need some more exciting deep grades, or more extensive shallow (pit) resources where the economics is more tractable and easy to grasp by the average investor. The problem is that there are a number of gold miners in the region mining similar grade ores but have often struggled to make a profit from it, despite the extent of the resource because costs of extraction are just too high relative to the grade and recoveries. Whats the point of mining if costs equals income? Just creates jobs, but no return for investors.