Ann: Highly Successful Reserve Upgrade Drilling Program Completed, page-10

We all want the dial to move and rerate, it will be from more soph money looking to fund the project into development corner stoning this into production, that then forms your much higher base case valuation and higher SP.

All the extra exploration drilling costs money and everyone here moans about more dilutionary raises after we burn through exploration drilling , so best approach is solidify the actual resource, get it to bankable stage, underpin a massive re-valuation of the project as we are ever closer to rerating the value of the company as we move from developer to producer (insert Lassonde Curve here)

The company then fund all the exploration drilling at a much higher SP, deal with the certainties and low hanging fruit then go for the big swings. This is what it looks like they are doing to preserve capital and get the SP higher.

“Overall, the Reserve definition drilling program exceeded our expectations, which allows New World to proceed confidently to DFS and into development. We have started work on an updated Resource, which is expected to be finalised in Q1 2025, with the outcomes expected to include a sizeable component upgraded to Measured."

This last paragraph is what guarantees upwards rerates via debt and less equity given away.