Ann: INVESTOR PRESENTATION, page-139

Another share I own, FYI like Goolamina also in the battery materials sector, only HPA not Lithium. It is also at a similar stage to Goolamina having completed the DFS awaiting offtakes, finance etc.

Interestingly Foster Stockbroking valued it like this:
"We have an unchanged risked valuation of $0.68 per FYI share (0.65x NPV)"

If we valued Goolamina by the same metric, we'd have 0.65 x US$1.2b = US$780m or $A990m
That works out to $1.26 a share just for Goolamina

Now FYI doesn't trade at the Foster valuation of 68c, was up to 50c last week, but like us has been under a bit of selling pressure and is 42c. So recently it's been 70-80% of it's valuation. That would put Goolamina at 88c to $1.00.

Admittedly it's in Australia not Africa, however we're no where near that valuation especially considering most of our valuation is for the gold. I should also point out FYI is very cheap compared to it's peers - A4N with 3 times the market cap at a similar stage.

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