5 May 2025-MSO Assessment of Mineral Resource, page-6

A realistic CR price baseline should be something above the price at the time WMC went into administration as that was the market value at the time. Since then, gold price has risen significantly and WMC has paid off some debt. As WMC is not going backwards and the future looks much brighter, any capital raise should be somewhat above 20c. Given a chance, I would participate in anything below 40c, Wouldn't the market in general?