Ann: Latest drilling extends Mayday North, page-56

The PFS at the A$2,700 gold price produced an NPV of ~$520 million - This translates to a $0.30 share price.



The recent drilling success and Optimisation of the OP and UG of Aphrodite and Zoroastrian are not included in the PFS numbers. I'm expecting the resource upgrades (due mid Sept Qtr 2020) and optimisation work to have a very positive impact on the project economics, with the DFS due for completion March Qtr 2021 (hopefully they can speed this up).

As @Jrowl1 kindly pointed out, we are at the life cycle stage of a mining company where we are going to move rapidly up the valuation curve - (Insto buying in/ Feasibility Studies nearing completion/ Long lead Items being sourced etc etc). I expect over the next 6-12 months we will start to fully realise the projects value in our share price.

A gold price cracking USD$2,000 and further exploration success around the Aphrodite and Zoroastrian deposits will add a compelling upside this story.