Ann: Ternera Mineral Resource increased by 66% to 1.1Moz, page-110

@SymphonyNo9

EV/Oz is a byproduct metric based on the financials of each respective project/company.

Therefore simply applying an EV/Oz broadly and comparing it to other peers is rather inaccurate.

It can be done, but the projects must be very similar, on a like for like basis e.g. Open pit, scale & grade.

the example of using WWI is a bad one and not comparable at all to an open pit project.

Or if someone was to use NVA it'd be a bad example as their grades are 1/4 of what ours are.

The open pit projects that have been acquired recently i believe are of similar scale, grade & quality so justifiable to use them as a rough guide for valuation purposes at a similar stage of exploration/development.

Typically, acquisitions are made based on a forward looking discount to NPV.

For example when RMS acquired AOP they had factored in further exploration work required to advance the project and would have based their DCF on a forward looking anticipated production output/total gold recovered. Let's assume 1Mil Oz of recovered gold in the future (not there yet). So when RMS & GOR were competitively bidding for AOP the limits on what they were willing to offer would have been on a max investment with considerations to discount to NPV.

I think Ternera is a great simple Open Pit Project. Almost ALL corporate transactions for projects are Open Pit Projects.

There is actually very few small cap ASX explorers with established Pit Constrained Open Pit Projects left on the market.

If investors in the space don't like TSO i can direct them to the others. There is maybe only another 3 to chose from of the 1-2 Mil oz scale.

Scoping Study will be out sometime in July. Resource upgrade targeting 1.5-1.7Moz by End Of year.