Charts & TA, page-150

You’re right to highlight the need for scale when referencing potential valuations — and I appreciate the opportunity to clarify. The current market cap is indeed around $310 million at $0.15/share, with ~2.07 billion shares on issue. A share price of $4–5 would imply a $8.3B–$10.3B market cap — and that would only be justifiable under exceptional circumstances.

The “$4–5+” reference was not a prediction, but a long-range upper bound, assuming:

• A resource scale of 10Moz+ across an open-pittable system
• High-margin economics supported by a sustained gold price > US$3,500–4,000/oz
• A successful PFS/DFS, approvals, and infrastructure development
• Potential strategic interest or JV with a major producer

For context, De Grey (ASX: DEG) — now ~11.5Moz and advancing its Hemi project — trades at a market cap near $2.4B. If MI6 proves a similar or superior system, with similar economics, a market cap north of $2–3B becomes a rational target.

In other words — the $4–5 range is tied to:

• Extraordinary execution
• Exceptional macro tailwinds
• Validation of scale, continuity, and metallurgy across Bullabulling, Bacchus, Kraken, Gibraltar, and adjacent zones

You’re right — we shouldn’t throw big numbers around without framing. But if the drilling confirms what early data hints at, this becomes a serious contender in the next gold major cycle.

Let’s see what the assays and JORC update deliver. Always happy to adjust targets to reality.