Fixed deposit cash: $7.5m
Cash received from GL1: $6.5m
10.226m shares of GL1 shares: $11.6m
Total $: $25.6m cash for exploration
So $68m EV for a gold company with 1.7m Oz of gold
And don’t forget the 20% free carry in manna lithium. They don’t have to spend a penny.
and the potential $20m milestone payment.
Ann: Becoming a substantial holder for GL1, page-26
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