Ann: Results Confirm High-Grade Gold-Copper at Depth at Minyari, page-18

Morning all.

I think the problem is size. In the old days 1m Oz was the benchmark. These days seems to be 2m Oz. We should get to/over 1m Oz, but I doubt we’ll get anywhere near 2m Oz.

the drill results are out there and we have market cap around $150m. Might get a bit more on the new resource if it surprises on the upside. But a PFS is quite some time away. So market has no idea what costs/margins might be until then.

not sure what else might drive the value much higher. Something spectacular at one of the JV’s maybe, but market never gives true value of minority %’s. Maybe something really good in the remaining green fields drills, but I doubt it. Probably be good, not great.

toll treating and soon, the only way to move it much.

cheers,

ned.