Ann: Trading Halt, page-22

Thinking out loud here, apologies if its disjointed.

Raising $3.25mill @ 6.5cents = 50mill shares + 25mill options (perhaps longer expiry? maybe AAUOC or something code at 20c strike price for Apr 2024/2025?)

50mill additional shares takes us to 350mill SOI and a market cap of $24.5mill with $5mill-ish cash for an EV of $20mill AUD at 7cents.

Glad its not a massive raise, only a small dilution in the scheme of things to try and get the price significantly further up and hope that the options become in the money in the lead up to the DFS finalisation.

fully diluted around 430mill SOI and options conversion would give plenty of cash to get us a 20:80 debt finance, even 40:60 or something if the DR government legals come through.

430mill SOI with free cashflow of 30-40mill p.a. would run on a 10x gold miner multiple less 20% foreign risk so an 8x multiple with a market cap of $280mill and a SP of 65 cents just for LD.

Throughout this process additional drilling etc will be happening at the copper-gold deposit and further additional in resources there for longevity of the companies mining activities.

Plus - what will be the price of gold in 3-4 years time? US$2,500 per ounce? Margins would be unreal at the current value of gold let alone the appreciation of the gold in our ever changing environment. Could be producing $50-60mill p.a. by that point with a quality 10% dividend which could be a 80-90% FF dividend given the current share price.