Spot on, if BRL exercise option that values that 28% of the...

Spot on, if BRL exercise option that values that 28% of the project at 77m USD... So total project valuation implied of 278m USD... or circa 427m aud... 50% stake is $213m (AUD)... Current EV is circa $33m aud (39m mkt cap less 6m cash on hand)...

Environmental assessment will be holding this back (should be complete 2023) , and if successful will see a rerate, same as mine permitting and approvals (mid 2024)... each step derisks project and unlocks value.

Important to note that BRL cost of production in the last quarter was $117 USD / t. so places the Crown Mountain project at lower cost than their current assets... Only a good thing...

I do note, that as part of the reviews they are looking into leasing mining equipment, so this would reduce capex but increase opex. Will lower total returns most likely, but reduce funding requirements... Can always purchase equipment at a later date once debt is repaid...