Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

Great results, sale are up, and it looks good

Aided by AI I have created a comparison to 2019 Telix figures, to help with interpretation

Analysis of OSL’s Q2 Release ($339K) in Comparison to TLX (2019)

TheQ2 release of $339K for OSLis a significant development, and its implications for valuation can be directly compared toTLX’s 2019 figuresto assess whether OSL is currently undervalued. - I have used Tradingview Chart to extract some past figures for TLX, and I used screen grabs, so the figures are not accurate, more like estimates.

1. OSL’s Growth in Q2 vs Q1

• OSL's reported figure jumped from$63K in Q1 to $339K in Q2.
• This represents agrowth of over 5.3x quarter-on-quarter, demonstrating strong momentum.

2. OSL’s Position Relative to TLX

• In Q2, OSL reached35.99% of TLX’s equivalent stage performance.
• TLX’s market capitalisation at this point was$350M.
• OSL’s market capitalisation, if valued on the same scale,should be approximately $126M.

3. Share Price Implications for OSL Based on Q2 Performance

• TLX’s share price at this level was around$1.35.
• OSL’simplied share price, based on its Q2 performance and a similar valuation scale, should be$0.027.
• If OSL is trading below this level, it may indicate an undervaluation.

4. Key Takeaways:

• OSL’s Q2 performance ($339K) places it at 35.99% of TLX’s comparable stage.
• If OSL were valued in line with TLX’s 2019 multiple, it should have a market capitalisation of ~$126M.
• OSL’s share price, under this valuation model, should be around $0.027.
• If the actual market cap or share price is significantly lower, it suggests a possible undervaluation relative to TLX's 2019 performance.

		TLX	TLX	OSL	OSL	% of TLX	TLX	OSL	TLX	OSL	% of TLX	Should be MC	Should be SP
1			in '000		in '000				in mil	in mil		in mil	in $
2	Q	Y	Rev	Year	Rev		SP	SP	MC	MC
3	Q1	2019	702	2024	63	8.97%	$0.82	$0.005	186.0	23.0	12.37%	16.7	$0.004
4	Q2	2019	942	2024	339	35.99%	$1.35	$0.006	350.0	27.6	7.89%	126.0	$0.027
5	Q3 estm.	2019	934	2025	440	47.11%	$1.40	$0.010	400.0	46.0	11.50%	188.4	$0.041

Disclaimer:

The information provided in this post is for illustrative and discussion purposes only. It is not intended as financial advice, investment advice, or a recommendation to buy or sell any securities. The analysis compares historical market data and does not guarantee future performance. Share prices and market capitalisation estimates are hypothetical and should not be relied upon for investment decisions. Always conduct your own research and consult with a qualified financial professional before making any investment choices.