Ann: Strategic Investor Process, page-11

Definitely feels like AKO is on the verge of a breakout. I believe the patience of early investors will be very well rewarded.

We should bear in mind PAC Partners’ 71 cents valuation is for only 10mt of DSO on a risk-adjusted basis. Derisked we’re talking >$2.30.

Likewise it doesn’t include any green steel resource - including this Pac Partners’ valuation would be $1.33 / $5.20 (on a risked/derisked basis).

And both of these together is still only a subset of Bekisopa’s overall 194mt inferred resource and prescribes zero value for Satrokala directly (10km strike vs 6km strike at Bekisopa), Tratramarina or Ambodilafa.

I for one am holding out for dollars not cents.