Ann: Quarterly Activity Report and Appendix 5B for 30 June 2024, page-24

"wtf is going on!"

Opportunity on steroids.

Worth remembering that when the copper price was sitting at us $3.92 HGO was at 9.4c.

The CR in Feb and the Loss of Lachlan in June spooked the market and attracted short selling. Worth noting that the shorts started to fall
on Friday. It will be surprising if they haven't fallen further this week.

Looking forward to them flat lining at 0.

Found time to calculate what the cash flow might look like when enough stopes are opened up to run the plant half full processing high grades.

A share price of 3X free cash flow would give us a market cap of $411m. Getting into the All ordinaries might be a close call.