Ann: Sumba Epithermal Gold System , page-7

Yes, it takes a while for the ruler to be put over the results...

When you look around at the raft of junior explorers, with little cash, and look at the EV the market accords them.

Then, you look at HGO:

- only now, just above its after tax cash position
- at least $100m short of fair value for Kanmantoo
- no value given for the likely of an ESG takeover
- $100m in cash to fast-track exploration in elephant country

And bare in mind these preliminary results are just from Sumba. Much more has been said by the company about the prospectivity of Bird's Head in West Papua.

Lots of KNOWN upside. A huge amount of POTENTIAL UPSIDE. And with the share price below cash and asset position, SMALL downside risk.

Just the sort of risk/reward investment I like.

Y