Ann: Initial Director's Interest Notice, page-5

Probably PEN is the best share to benchmark 1AE's valuation.
1. Both are USA citizens
2. PEN JORC = 54 mlbs U3O8. 1AE JORC = 51 mlbs U3O8.
3. PEN JORC Valuation = A$6.32/lb. 1AE JORC Valuation = A$0.64/lb
4. Hence PEN = 10 X 1AE JORC Valuation.
5. PEN has completed a PEA whereas 1AE's PEA is due CY24Q1.
6. Once 1AE has completed its PEA it would be reasonable to assume that 1AE will rerate. I think 10 X is optimistic at this stage but I suspect that somewhere between 3 X and 5 X is reasonable.
7. This would generate a SP range for 1AE of somewhere between A$0.45 (3 x) and A$0.75 (5 X)
8. Seems reasonable but who knows in this crazy world!

IMO only