Ann: Presentation - Pilbara 2018 Multi Million Oz Potential, page-11

I've always maintained that the only reason the share price isn't less than 3 cents is because of the conglomerate potential. KL didn't buy in for 1.4 million ounces of structural gold at 1.6 gpt. That's ridiculously small. I own over 300,000 shares so I'm rooting for De Grey. If the conglomerates at Steel, Jarret, and Loudens contain 10 gpt over 1/2 a meter in thickness, then for every square kilometer you get 434,000 ounces of gold at AISC of less than $500 an ounce. The structural gold open pit will come in at between $700 to $800 AISC per ounce and underground over $1,000. Someone here posted the square kilometers of the 3 conglomerate areas, I think it was 20 but don't hold me to it. 20 x 434,000 is 8.6 million ounces which is 6 times current resources. De Grey will never get a loan to build a plant for M & I of 650,000 ounces. My guess is that De Grey would need to show production of 200,000 ounces per year over 10 years to justify a plant. De Grey might get there eventually but not before the July 2019 deadline of paying $10 million for Indee. However, if De Grey proves up the conglomerates, then it can justify a plant or someone will JV with them or just buy them out. You can argue that I'm wrong but the market says I'm right. The share price was 22 cents a year ago and despite all the news releases on the structural gold deposits, the share price has dropped 25% over the last year with no actual testing of the conglomerates.