Ann: Executes Second Off-take Agreement, page-15

Waking up exactly.

This is my favourite snippet from the MD

I‘ve been trying to help investors understand the value proposition of Image Resources by looking at the project economics relative to a gold project. In Australia, we have a lot of gold companies, and many of them are quite popular with investors. The bankable feasibility study project economics indicate the forecast average revenue for the years 2019 and 2020 from Boonanarring are comparable to a 100 thousand ounce per annum gold production mine. However, our gross margins are nearly 100%, whereas a typical gold project may only have margins of about 50%. Importantly, a 100 thousand ounce per annum gold project would likely have a market capitalization of $300-400 million, whereas Image’s current market cap is only about $110 million.