Ann: Preliminary Financial Results Presentation, page-79

Net debt end 2021 $228m. In theory around $198m following bibiani receipt in Feb . Further bibiani $30m reduction later this year. Working capital build up recently. Assume some of that unwound, then they could be down to approx $150m net debt. If they can make any net operating cashflow to pay down debt it can come down further (yes that is a big ‘if’). In 2024 there is potential for ravenswood promissory note payback. They had $55m in listed investments end 2021. This is not a basket case debt-wise. If they do indeed get net debt down around $150m this will be demonstrably very cheap, too cheap. Enterprise Value of US $340m for around $135m ebitda plus their listed investments and a very significant gold resource and 3 operational mines and upside from ravenswood promissory not repayments. You can be bound by the miserable performance of the past if you like but IMHO this is a good bet at this distressed price at the moment.