General Discussion, page-9456

Here is an African versus Brazil comparison.

A11 seems to be trading just over $600m market cap (once you account for 40% ownership) in Africa with LRS @ just over $400m now. LRS has a lower AISC based on studies, double the JORC but it doesn’t have its funding done yet (which A11 is further along the road on). A11 suggesting producing 9-12 months ahead of LRS, so not much difference between the two. Both are running offtake processes lead by Macquarie bank right now.

Not knocking A11 as it seems to be a well run company.

Just Slightly confused how an African play is trading so far ahead given that a comparison of most fundamentals is won by LRS (with the exception of the funding piece).

* maybe the funding piece is more valuable than I’m suggesting, in which case maybe the premium for A11 is justified?