Ann: Sorby Hills PFS Delivers Outstanding Results, page-280

Euroz Update based on Optimised PFS.

Key points to me -

1. PMY is an attractive TARGET
2. Base target share price increased to 4c per share
3. Leverage to Ag price indicated by use of US$27 spot price gives increase in valuation to greater than 5c per share
4. The Euroz numbers show that a

• movement from US$22 to $27 adds 1.2c to the share price.
• So each US$1 increase is worth 0.24c to the share price using their model (no account is taken of the significant resources not part of the mining plan though).

5. Various funding options are available for such a sought after project.
6. Net $20 Million attributed to infil and exploration, so still plenty of upside still to be factored into share price.
7. Otherwise uses conservative commodity price estimates in valuation, so plenty of upside for Pb not factored in either.

As always DYOR. V