Mukuyu Structure's Resource Assessment & Modelled A$/S Value, page-49

“I think many are talking low valuations based on older PAC reports…”

My low valuation (south of $2.40) is based on…

•5 years of watching how the market treats Invictus’s low key approach.
•Less than average CR’s. The market will be expecting one if there is a declared discovery…..and Invictus are masters of telegraphing these.
•Flakey (mostly) register.
•Perceived sovereign risk from those too lazy to do a little research.
•O&G on the nose to a portion of the investment community.
•etc. etc.

I’m happy to be wrong, I just think some of the lofty figures require patience, a helluva lot more drilling and capital.