Ann: 2023 AGM CEO Presentation, page-78

I agree Goedy. We have seen the bottom.

Spain will be finalised before Christmas. We will get $25m cash at 9c (278m shares and Cronimet equity converted at 9c (say 125m shares).

That will give us a total of 1,977m shares on issue. I think a consolidation of 1:10 is very likely next year.

For that we have two operating mines producing north of 300t per month and not far from being cash neutral/positive and potential to move higher in the coming months.

NPV roughly $450m (allowing for $150m Spain). Important to note. Our NPV only includes Open Pit, not underground which is probably 3 to 4 times Open Pit.

1977m shares at 6c = $118m. We are trading at 26% of NPV.

Given the stage of production we should be 50% to 60% of NPV.

In comparison
G6M, market cap of 70m @ 7c. Their latest NPV is $252m before latest raising. This includes the underground of say 50%.

If including their whole NPV (open pit and underground) they are trading at 27% of NPV. If you strip off the underground which has real question marks about it (IE keeping Bass strait out), then they are trading at more than 50% of the NPV and are further behind in the production process.