Ann: Becoming a substantial holder, page-13

It does look very promising that we are set for a sustained move higher, with the 2c line now cleared, just need to stay patient. CXZ is set for around A$2m+ in positive cash flow per annum on current figures, off circa A$9m in highly recurring revenue at the top line with an 80% gross margin! CXZ has now become a cash flow machine. Based on peers, I'd say the company deserves to be around a A$30m market cap (3x sales, 15x NPAT), and with 940m SOI, that's 3.2c/share. What I like most is that CXZ is being set up for long-term success - it seems highly likely that GM will be extended again in 2026 and with another 5 years, that's a runway of positive cashflow all the way out to 2031. The coffers will continue to fill with each successive profitable quarter.