AKO General Discussion, page-243

Here's my take, where I'm no expert, and probably too optimistic.

The resource upgrade won't include the outcropping material, and there'll probably be ~2mt of that also.

i think in the first year, there won't be a dividend, but there could be in the second year, and I'd definitely expect a small one in the third year.

When you ask about return, do you mean dividend, or capital gain?

In terms of capital gain, I think the following is feasible when we go into production, and we have an off take.

Assumes a realised price of about $145/t (inclusive of lump and grade premiums).

Year 1 (2027): $500m market cap, with about 180m shares on issue. $2.70 share price. Revenue of about $120m. Dividend is unlikely, but a $0.10c (nearly 4%) could be paid and not break the bank.

Year 2 (2028): $800m market cap, 180m shares on issue, or $4.45 share price. Revenue of about $220m. $0.10c or 2.5% dividend is probable. That's nearly 60% ROI for shares purchased today.

Year 3 (2029) onwards: $1.2B market back, 180m SOI, or $6.60 share price. $300m in revenue. $0.30c full year dividend, or about $54m paid out. I think the company will be aggressively drilling to expand the resource.

Year 4: $1.8B market cap, or $10/share. I think we'll have about 15mt of DSO remaining at Bekisopa, and likely have 20mt of inferred DSO at Satrokala by this stage. Depending on the "green steel" market, we could be fast tracking full scale production studies.