Ann: Change of Director's Interest Notice - J Moore, page-179

Really good post and a nice range of scenarios canvassed for metal prices, Kalenn. Your top and bottom scenarios give a nice range but looking at the data and reading a number of credible projections for likely metal prices over the next 6-12 months (which I think is the key time as that is when we will either have a TO offer or a firm decision to mine), I really think that your second and third metal price scenarios are likely to be on the money. I suspect that 2021 will see strong metal price rises as the world rushes to have infrastructure lead economic recoveries.

I am not certain what the longer term impacts will be in terms of inflation etc, but at least during the critical MYL mine development or TO period, it should be to our benefit. PE ratios generally range from 7-15 to 1 and so many variables come in to play in what figure is best assigned but I do not think that you are being unrealistic in assigning a 10 to 1 PR ratio and, at the very least, it gives us a range to assess likely value, whilst we await the formal DFS from MYL. So your projected valuation range for scenarios 2 and 3 (which I suspect are the most realistic ones over the next 6-12 months) of 64 c to 72 c, looks to be on the money and I would be very happy if, post the release of the DFS, we see the share price start to move towards that range.