Ann: Bell Potter Emerging Leaders Conference 2023, page-48

Unused Australian tax losses as per the 2023 Paladin Annual report amount to $m(1,072,146). That is a lot of losses.

There appears to be little sense making any provision for tax in any cash flows or valuation models for a number of years yet.

In every commodity bull market i have lived, back to the late 1970's gold rush, I have rarely seen business valuation models based on actual proved or provable reserves. Commodity markets don't work like that and never do, except in bear market conditions.

In a bull market, the current market cap and pricing model includes a lot of "blue sky" or intangible value for potential exploration and development activities, M&A and any other thing that buyers will believe enough to pay up for.

As a more experienced punter in the 1980s bull, I owned a string of junior explorers that delivered 10x returns before the dream ended. Won a lot and lost a bit, bu no one ever valued them on future cash flows.

Back momentum and human greed ahead of basic facts every time. That imperfect yardstick for my speculative portfolio has done very well over the years.

My diversified overseas funds and a few blue chips allow me to sleep every night no matter what happens.

PDN discussion around NPV draws on skills and rational thinking to provide a measure of fundamental value. However, IMO it will rarely forecast terminal share prices in a secular bull market.

That's where balls and luck separate one group from the other.

I have not framed the PDN high price yet as I am certain it will exceed any price I can rationally consider as reasonable. Fore warned is forea armed when it comes to 10x and 20x positions. The first is already ticked off in this cycle.

Good luck to all investor in the uranium and allied green industries. My words are my experience, absolutely not advice. I am excited for the next 3 years, but leave myself plenty of room to also be burned and disppointed.

GLTA Paladin SH