Ann: West Wits Investor Presentation, page-85

I'll play I guess, was looking at the Qala Shallows sensitivity to gold price just the other day as gold has moved big on Iran vs Israel it's going to be a massive gold bull market if this tension ratchets up anymore.

The post tax Net Project Value at $2000 an ounce is $302m USD. Now before you to checking the spot gold price it's about $1979 but the whole updated DFS was for gold at $1850 an ounce and ZAR at 17.5. ZAR's at 19 today so either way we are looking at a Gold and ZAR rate in excess of that independent calc for NPV post tax of $302m USD.

USD to AUD 1.58 we are looking at a NPV of $477m AUD.

We should be sitting somewhere near that or moving towards that market cap from first gold pour onwards. I'm not into crystal ball prices hence why I said we should be 5-10 cents on first gold pour 10 cents when the market thinks the NPV is in play.

Anyway there's no point talking to numbats that can't see the forest from the trees. Stay sidelined go time is
coming up shortly imo.

By the way with current shares on issue $477m NPV Australian is 20.5 cents per share so I think 10 cents is conservative once we hit that 70k oz run rate.

It's amazing this company is valued around $35-40m when the DFS says right now the project is valued 10 times that it means the market reversal towards something more aligned with that evaluation is likely to be quite spectacular once it gets going all imo.