Ann: General Security Agreement, page-5

From fundamentals perspective, my high level overview of PGM are

• Sale of the Skaergaard asset, whilst paid to PGM mostly is shares at some point will likely be sold on market, so at the current Market Cap, the future cash/cash equivalent, asssuming the sale get finalized, would the current valuation stupid cheap.
• The blue moon deposit is fairly small, obviously still early in exploration, if it gets mined, likely underground scneario
• Munni Munni is partly owned, so not much analysis i can do, but if ARV appreciates, PGM might ride on their coatails a little.
• Challa - Grass roots exploration stage, the geological structures are all their etc, but, gold is actually where you find it, not always where it is supposed to be. But, if exploration uncovers potential for a 500Koz deposit, because of all the processing options within the vicinity, the first few drills that confirms this could give the company a little re-rate.
• I don't have any input regarding the NSW deposit so won't be able to provide any insights

If you got in a week ago, I think you've done alright, to see any real value appreciation from their gold exploration, it'd largely be pivoting around Challa. Can have another look on Challa after the company provides more info on the reconnaissance work done. Not a bad hold for the next 12 month +

The closest ASX listed company, for doing a comparison during exploration based on scale, jurisdiction etc potential to T$O would be GOR's Gruyere. But, It is hard to compare because GOR developed Gruyere during the gold bear market, if Gruyere was discovered today, their Market Cap would have been well over $800 Mill during the discovery stage. Alternatively, valuation of companies are traditionally done via DCF's and valuing the company based on traditional financial evaluations based on earnings. You could undertake your own speculative evaluation on a basis of an asset producing 100-150Koz Pa. But, still early days, that target would easily increase if drills 42 & 44 confirm extensions. Just kick back for now

sure brother, email me whenever, I don't check emails often, but will reply.