AKO 2025, page-5

Only a fool would try and predict the price.

So given there are 125m shares on issue, I am expecting:

$0.15c - $0.20 ($18.5m - $25m market cap) on the back of a MOU with the Malagasy Govt for the mining permit. Energy Fuels (who purchased Base Resources), jumped about 15% when their MOU was announced. We might get a larger jump initially, but it will be a question of whether it gives us a new floor, or if it is temporary because many are skeptical about Madagascar.

$0.25c - $0.40c ($31m - $50m) on release of the PFS. The Scoping Study was very solid, I am not expecting any major surprises, BUT I wouldn't be surprised if we get an MRE of 10mt - 12mt, and a "low opex" cost of $37, or even $35 per tonne. The big outstanding question is going to be on the port solution...

There are cheap ways to load the ore onto barges (this one being one of my favourite low cost options - not knowing much about alternatives)


And there are plenty of companies doing transhipping, there are some interesting videos from CSL ships - this is a big ship, but there are smaller barges with similar loading solutions available.

Or even use a crane to load ore onto ships



$0.40c - $0.70c ($50m - $87.5m) on the signing of a deal - depending how good the deal is, and if/what dilution. Maybe a 7x return.

Like I said, only a fool would speculate to what the share price might do.