Ann: General Security Agreement, page-439

@ASXO@GuardianAngel8

Their strategy moving forward is clear aswell.

It's all about growing the resource to preferably sell or Toll treat and they are well funded to execute.

They tried to sell Big Springs it in the past, it was initiated in 2018 when the POG was badly beat down and low. The independent valuation of their asset was up to $75.8Mil USD & assuming no material changes, presents a present value of $96Mil AUD today. In addition to that there has been an uplift to the POG from the 2018 price by about 25%. So, if you inflate the $96Mil AUD, by say 25%, brings the value up to $120 Mil AUD.

$120Mil AUD / 1.03 Mil Oz Resource = $120/Mil/Oz EV... Which is the going benchmark rate for inground valuation

The company is targeting expanding the existing resource to 1.5Moz + with a focus on growing the high grade resource

So, assume all goes well an upper range target of $180 Mil AUD isn't unreasonable or out of the question and fairly consistent with other peer valuation with similar assets.

The upper range upside target is $180 Mil AUD / $25 Mil MC (factoring partial dilution) = 7.2x Upside Potential.

Assume, we only get half way there, that is still a 3.6x lower range target. Tick on box.

I like those odds.