Ann: AGP Update - Exceptional Drill Results & De Grey Update, page-27

Although it has been very quiet on the KZR threads of late, I think that is going to change fairly soon, and that 2025 is going to be the year when we finally start to see the real value in this stock.

With a market cap of only $15M, KZR appears to be genuinely way under its true value. The Ashburton project currently under option to DEG for $33M is probably worth significantly more than that at today's gold price, so even if the option is not exercised, KZR might end up getting much more than $33M, either by way of a sale, or even by developing the project themselves.

Mallina West is shaping up to be another substantial gold deposit and adjacent to DEG's tenements, and adds considerable value to KZR's holdings.

Irrespective of whether the lithium price increases, the 20% stake in Kali Metals is starting to look very interesting because of the gold which is being found in the Kali tenements.

But I wouldn't be at all surprised if the Victorian assets end up being the most valuable part of KZR's substantial portfolio. Mt. Piper is perhaps the most promising at the moment for gold and antimony, and located between Costerfield and Sunday Creek. T

The South Muckleford project close to KAU's Maldon gold plant (which has spare tolling capacity) is another project with very real potential, and if KAU's current exploration programme around Maldon turns up the very high grades which are anticipated, that will generate increased interest in KZR's project.

But the sleeper in all of this might be KZR's Castlemaine project, including the old Castlemaine gold mine, beneath which it's likely that some bonanza grade deposits will be found. The previous drilling was only to about 600m, and we now know that some of the very rich deposits are much deeper.

It's not easy to put a true value MC on KZR, but I would estimate that it's well north of $100M.