Ann: Investor Presentation, page-2

ALM is at a crazy price, with an EV around $9M. That's equivalent to 9 cents per kg, assuming there is 1MT of copper and ignoring the value of the moly. The copper spot price is currently $A13.50 per kg so the share price is less than 0.7% of the metal price. Another way to look at it is there is $A13.5B of copper, but it is only worth $9M in the ground.

And that is assuming there is only 1M tonnes. There is probably 2M tonnes in the ground, at least. We will know more when the assays for the latest round of drilling is released.

ALM won't develop the Briggs deposit. It will be sold to a Rio or another major looking to position themselves ahead of the looming copper shortage. In short, there is a lot of money to be made here by patient people who are willing to support ALM management over the next year or two.