Ann: Company Update, page-12

Very interesting play here considering the current discounted value vs NPV considering it's 100% ownership.

- 2.5mil in cash
- 16mil mcap
- Great capital structure with a premium phosphate product
- Ardmore phosphate project looking to produce their premium product which remains unhedged
- Recent convertible note to raise an additional1mil through Graham Chrisp our BoD members associate etc to keep a constant tight ship (subject to AGM approval tomorrow). Graham is both our chairman & large holder
- Low cadmium deposit which allows direct commercialisation without blend feeding the product
- Low impurities Phosphate deposit with a mine life being 10 years based from the reserve ONLY (
- Open for offtake which will most likely coincide with funding the project
- $269mil NPV with an IRR of 63%
- Low-risk payback being 1.8 years for a total CAPEX component of A$69mil
- Existing Infrastructure already existing on-site
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A few key presso slides below. I think this company warrants more appreciation from the market overall with their premium product remaining poised for a steady growing global market. Although a relatively increased AUD:USD rate, I think it's more important to incorporate the current Phosphate industry demand & av grade.

See below article too, relative to Phosphate demand.

https://investingnews.com/daily/resource-investing/agriculture-investing/phosphate-investing/phosphate-outlook/