Ann: Proposed issue of securities - NAM, page-14

I did a few quick calculations. Taking the mid point of the EBITDA of $20 mill that NAM is forecasting for FY 2023 deducting depreciation of $5.097 mill and interest expense of $2.337 based on last years figures and assuming no tax given all the tax loses from recent years dividing this by the current number of shares I get EPS of 7.3 and including the new shares to be issued I get 6.1. I’m not forecasting any kind of return from the capital being raised given debt servicing costs are still low and the payoff from the new gin will be years away. I’m guessing the figures should be similar for FY2024.

So I still think there’s still some value in NAM.