Ann: First month of gold production and update on activities, page-59

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Our valuation of $0.30/sh only assumes cashflow from the tailings and a modest amount for the infrastructure and resource. In the short term, we expect some key mining appointments to be made and a resource update within the next few months. Our Spec Buy and $0.30/sh Price Target are maintained. We also note that our price target includes a value of 8cps (A$60m) of the Goulamina Lithium asset, which is relatively cheap vs peers and we believe is easily defendable.