Ann: Further High Grade & Expanded Footprint at Hemi, page-467

Another kind of simple valuation
GP		Price/Ounce
A$		In-Situ
1.800		60
2.000		110
2.200		160
2.400		210
2.600		260
2.800		310
3.000		360
- worldwide goldgrades are declining (today average may be 1.4 - 1.6 g/t)
- worldwide production is declining
- big players are desperately looking for Tier 1 deposits
- De Grey is developing HEMI to a Tier 1 asset
- such projects like HEMI are worldwide rare and therefore big boys will
pay a significantly higher price
Inventory 2020		year 2018	2.200.000	60		132.000.000
Inventory 2020		year 2020	2.200.000	260		572.000.000
HEMI		year 2018	2.800.000	160	premium	448.000.000	580.000.000
HEMI		year 2020	2.800.000	360	premium	1.008.000.000	1.580.000.000
- Good Infrastructure
- Very low strip-ratio
- No future drill- success and future expectations are included
- The question of refractory is a question of costs which are higher than simple oxide/higher Invest
It doesn´t matter that De Grey is still an exploration company, the big players are willing to pay
high prices to secure their future production.
At this point a marketvalue for an exploration company with an inventory of 5 M ounces in the
ground of 1.5 B is in my view justified - and HEMI is still growing and spec. Antwerp! and Scooby
are not counted.
We are in a different world than two years ago !