Ann: Annual Report to Shareholders, page-6

I must be missing something here.

In the Annual Report we read on p.6:

The LOM plan delivers the following key outputs (refer to ASX announcement dated 24 October 2022):

• 402K oz produced over a 7 year mine life

• Pre commencement CAPEX of A$51.8M

• C2 Cash costs (including royalty) of A$1,482 per ounce, AISC A$1,618 per ounce

• At gold price of A $ 2,200 per ounce pre-tax cash flow of A $234M and NPV of A $152M (7.5% discount rate)

• At gold price of A $ 2,500 per ounce pre-tax cash flow of A $354M and NPV of A $242M (7.5% discount rate)

Pre-Tax cash flow of A$354M with gold price of A$2500.

When you think that the gold price is more like A$2950, that gives a cash flow of something well in excess of A$500M
- my rough calculations are a NPV of A$360M+.

At the moment our company is valued by the market at a bit over A$50M. ( 286M shares - last traded 0.185)

We haven't even started to count what might come from the more valuable site - Laverton.

FML has already started producing positive cashflow - see bottom of p.6 and top of p.7 - cash flow $4.5M +

So how come shares aren't trading over $1?

Tell me what I am missing, please.