Ann: OBM Strategy & Values Presentation - August 2022, page-37

Hypothetically…

- what would be the market reaction if the next (Dec) quarterly report indicates the Dec quarter was roughly break even, but the next quarter was likely to be comfortably profitable because of dramatic reduction in strip ratio at Missouri (16/1 down to 7/1)?
- what would investors think if the selective underground mining plans at Riverina could be brought forward because of Luke’s forward planning and that royalty financing arrangement with Hawkes Point ?
- what if the Davyhurst operations were now processing the designed volumes of 1.2 mtpa without any bottlenecks?

My conclusion is …

- institutions will be immediately steered by broker analysts to go back and have a quick look at this ASX valuation outline of July 2022.

- If the cash bleeding has really stopped, and if the Missouri project is finally cash flow positive, and if it likely the company could be mining much higher grades underground by mid 2023

- and if there is also some encouraging high grade exploration outcomes at Callion and Siberia

… then surely a few more gold funds will need to try and own OBM based on this genuine growth potential, the huge discount to replacement values and that left field corporate potential.

gltah
bltanh