Ann: Loyalty Option Issue to Shareholders, page-7

GBZ completely diluted is around 630m SOI - at 10.5c that is $67m MC

Just need to execute on the rationalisation of the company.

As I said circa $5m cash on hand end of year

Loyalty options are 51m at total of 10c outlay = $5.1m by Dec 2022

There are 16m options at 10.5c due by April 2023 and 50m at 11c by July 2023. That's another $7m to come in late next year early 2023

CUR + Novo should be sold for $4-5m

White Dam is worth $10m and needs to be sold.

Malmsbury is currently 820kt at 4g/t for 104koz. Not hard to see this new up/down dip drilling adding 50-100% to this. Call GBZ share 75koz. At $75/oz that values it at $5.5m

Smartset was meant to be worth $10m but happy to call it $5m.

So MC $67m
Less Cash on Hand -$5m
Less options -$12m
Less NVO + CUR -$5m
Less WD -$10m
Less Malmsbury -$5.5m
Less Smartset -$5m

Current Drummond valuation is around $25m. We HAVE to get rid of all the peripheral shit. Then as you say drill the Drummond to 2.5Moz with 1.5Moz of high grade in TH and we go to $200m MC and 30c easily.

It's really simple if management do what they need to do. Rationalise, monetise and drill.