Ann: June 2024 Quarterly Activities Report, page-7

Riv let’s assume that there is no positive cash flow before BV comes on stream year 3/4 according to LOM plan, and Shangdong refuses to make any further loans. Thus forcing FML into administration. The break up value for Laverton with a resource of 4 million ounces @1.7g per tonne at the current gold price must be worth at least $300 million if not a lot more. Throw in $150 million for BV and TMH. After repayment of $120 million unsecured borrowings from Shangdong plus other liabilities that will still leave over $300 million to be distributed to all shareholders including Shangdong. With about 286 million shares currently issued that would mean a final distribution of about $1 per share ! Or even in a total fire sale all parts of the company are sold for a rock bottom price of $250 million, leaving $100 million ,that would still be about 20c above today’s share price! This is why I still maintain that FML is a buy at these levels. For you to maintain a sell rating on FML means that you believe that the company assets are worthless. Are my numbers totally off the wall if so can you set me straight for this is the most baffling of all the gold mining shares that I own