Ann: Maiden SOP Resource Estimate-GPH.AX, page-27

the announcement states the GPH JORC: "resource covers ~52km length of paleochannel thalweg...is ~3km wide at the
surface and 0.4km wide at depth within the incised palaeochannel".

the average drill hole in the table comes to 94 metres deep

based on a surface area of 52km x 3km, the average depth to obtain the 20,154 million Mm3 volume of the acquifer is 129 metres deep

the AMN resource is measured to only 24 metres deep

the S04 resource is measured to only 52 metres deep

therefore, your comparisons to AMN are a vast exaggeration

the GPH resource today (70MT) was at the lower end of the exploration target (73Mt to 129MT) in terms of the volume of the acquifer

however, the average specific yield came in at 11.4%, which obtained a good resource of 18.4MT of SOP

if AMN drill to 129 metres, their equivalent resource would be around 124MT

if SO4 drill to 129 metres, their equivalent resource would be around 61MT

the GPH resource, based on my calculations, is 1/6 the size of AMN and 1/3 the size of S04

that is why GPH came in today at the lower end of their exploration target yet they are considering producing 75,000 to 1000,000 tonnes per annum, which is 1/3 the probable production of AMN & S04.

GPH is obviously worth around 1/3 of So4 and AMN (since AMN has a lower specific yield)

the GPH share price will never and can never mirror AMN or S04 because the project is 1/3 of the size


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