Ann: AGM Presentation, page-2

I enjoy playing with AI large language models, but as way shown with that it spat out for the SOM resource, they are often very off the mark, nevertheless I have input the AGM data into Claude for a valuation:

Based on the presentation data and current market conditions, I can attempt a rough sum-of-parts valuation. However, I should note that this is an approximation given the early stage of many projects and market uncertainties.

Star of Mangaroon Gold Project:

• Resource: 23,300oz @ 12.8g/t Au
• Simple NPV calculation assuming:
  • Gold price: $3,000 AUD/oz
  • Mining costs: $120/t
  • Processing costs: $50/t
  • Recovery: 95%
  • Small open pit operation
  • 2-year mine lifeEstimated NPV: $30-35M for current resource

Additional exploration upside: $15-20MTotal Project Value: $45-55M

• Gifford Creek REE-Nb Project:

1. Yin REE Deposit:

• 29.98Mt @ 1.04% TREO
• Using peer comparison metrics of $3-5/t of resourceEstimated Value: $90-150M

1. C3 REE-Nb Deposit:

• 10.84Mt @ 1.0% TREO, 0.22% Nb2O5
• Higher value due to Nb contentEstimated Value: $40-60M

Other Projects (Strategic Value):

1. Mangaroon Ni-Cu-PGE:

• Early stage but significant strike length
• JV potentialEstimated Value: $15-25M

1. Bresnahan Project:

• Multiple commodities
• Early stageEstimated Value: $8-12M

1. Tarraji-Yampi:

• Copper-gold discovery
• Strategic review underwayEstimated Value: $10-15M

1. Central Yilgarn:

• Multiple commodities
• Advanced JV discussionsEstimated Value: $5-10M

Sum-of-Parts Valuation:

1. Core Projects:

• Star of Mangaroon: $45-55M
• Gifford Creek Complex: $130-210M

1. Secondary Projects: $38-62M
2. Cash Position: $2.1M
3. Enterprise Value Components:Gross Asset Value: $215-329MLess:

• Corporate costs
• Development capital requirements
• Dilution risk
• Market discount for early stage projects (40-50%)

Implied Company Value Range: $108-165M

Current Market Cap: $56.3M