Ann: APPENDIX 4D AND HALF YEAR REPORT, page-21

Hi Exised

Firstly, many thanks for your fantastic contributions on this stock it’s been an absolute little ripper stock since July.

With respect, I am just not sure how P/E is that relevant here with limited mine lives. Analysts seemingly project out future cash flows over many years (10+) and use differing methodologies including DCF from my limited understanding to generate a target price.

But how is this possible when the major cash cow has 2 firm years left of production? Agree, it’s hopeful/likely these are further extended but not sure how using a normal P/E analysis can apply here?

Interested in your thoughts mate.