Ann: BCAL to Host Analyst and Investor Webinar on 2 April 2025, page-6

Valuation based on potential has now been replaced by valuation based on sales. That is normal when a company transitions from pure R&D to income generating. While this is a positive step forward the market often will adjust the sp downwards until CF+ over 2 or 3 consecutive quarters has been achieved.

Sorry for bearing the bad news but it is what it is, a painful stage for investors that all companies have to go through. The good news is, LT holders can pick up a bargain over time.

EYE, PNV, IPD, W2V, CC5 are all leaders in their field worldwide and yet, their sp have been hammered due to CF+ not achieved yet.

GLTA