Ann: Appendix 4E and Annual Report FY22, page-9

The main risk is an economic contraction impacting consumer demand, that being said things are looking extremely positive, I really think next financial year will be an absolute banger, I agree, it seems entirely possible EBITDA could double without Covid and with the expansion.

A lot of people seem to have missed the Distribution deal and how big that could be, stomping grounds and the flagship at Freo, yes, EPS is down this year, but the brand was amongst the strongest growing throughout covid, hard to find good comparables on the ASX, but no one seems to be growing at the same rate as GDA, the brand has some serious long term potential and in the medium term they are working on building shareholder value.

I think Q1 results will start to reflect the business kicking off and it will be confirmed by Q2, by Q3 March I think we should be well on the way to $14m-$16m EBITDA after the summer is over. Really exciting stuff.

All my opinion, but my take away from that annual report is that this really seems to be the bottom point, it's up from here, assuming there are no further cap raises there is some serious shareholder value which hasn't been recognized yet.