Ann: FY 2022 Unaudited Financial Results and Appendix 4E, page-2

X64 decided to keep more bullion on the balance sheet (16.547 oz gold), therefore that sale profit wasn't realized yet. The bullion is recognized at cost in the balance sheet at 13 Mio USD cost whereas sale value would be 30 Mio USD (ref. to inventories where it is clarified in the explanatory statement).

That means, our current term assets are actually 17 Mio USD higher than seen in the balance sheet right now.

Therefore, a more realistic number for our current assets is 96,114 Mio USD + 17 MIO USD (actual sale value of the gold in inventories)= 113,114 MIO USD.

Current liabilities hardly changed and are at 17,974 MIO USD leaving 95,14 MIO USD or 137,88 Mio AUD in current net assets which is higher than the current market cap and does not take into account our properties, plant, equipment, development expenditure, etc.

In other words, our current net assets (which can be quickly monetized) are higher than our market cap. The current share price is an absolute steal as you get the mine, infrastructure, plant, equipment, development expenditure and future cash flow of the mine for free.