Ann: Chairman's Address AGM 2023, page-23

* BUMP *

FWIW below are estimated Kalkaroo NPV₁₁ matrix tables, basis BDO's July 2022 Independent Expert's Report, using the Cu, Au and FX price sensitivities set out in that report, at AUD:USD FX rates of 0.75, 0.70 and 0.65 respectively.




E&OE

If Friedland and others are right regarding the Cu price required to incentivise developers (up to US$15k/t), it would seem the Kalkaroo deal on the table for the next 2-3 weeks is relatively good value i.e. a total potential consideration of A$405m. Time will tell whether any of the interested parties are willing to get ahead of the curve.

DYOR