Ann: Annual Report & Appendix 4E, page-3

The fair value of the PVL investment portfolio continues to increase.

The portfolio recorded a +$855,497 increase in FY23 following the +$108,583 increase in FY22. The big winner for the portfolio in FY23 was Skykraft and the big winner for the portfolio in FY22 was Cirrus Materials Science - both are still in the early stages of their journey.

The initial investment in Skykraft of $250,000 AUD has now multibagged, up +$680,600 (+272%) to $930,600 AUD following the successful Sept 2022 raise. Skykraft is now well on its way to establishing a constellation of satellites for global air traffic surveillance, with a cornerstone customer (ASA).

Additionally, across FY23, PVL's Ferronova holding rerated from $753,794 AUD to $1,032,024 AUD, up +$278,230 or +37%, following a new $8m round of funding, with a non-dilutive research grant from the Government.

Management continues to have skin in the game and is showing judicious cost control.

I like the long-term story playing out here. The 45% SP/NTA discount is at odds with the caliber of management, the quality of the portfolio, and the track record emerging since Kruger took the reins in late 2021...