Ann: Half Year Accounts, page-40

Hi All

I have been a BRB holder since 2021 and I am also a GL1 holder since its IPO.

I topped up my BRB holding today as the arbitrage is becoming even more obvious given the recent SP appreciation of GL1 (which is fully warranted). Assuming BRB receives the full $20m in additional payment from GL1 over the next few years, the value of each gold oz in the ground is valued at around $2.70 / USD 2.00. Compare this with the current gold price of USD 1935/oz.

BRB must be one of most undervalued stock on the ASX in my opinion and is increasingly at risk of being taken over.