Ann: Twin Hills Gold Project - Technical Review, page-21

It is so difficult to say. We've seen most gold explorers/developers get sold down over the last few months, so clearly the sentiment in the gold space is not great, despite gold still trucking along at 2400 AUD/oz. Difficult to get any traction when sentiment is so poor.

My opinion, and it appears to be shared by a few here, is that confirmatory drilling across Yandan and Twin Hills will derisk the Drummond as far as the market perception is confirmed. Historical drill results are so hit and miss, and that could be one reason why GBZ trade at a stupidly low EV/oz compared to their peers.

On top of simply confirming historical drill results, getting some good hits outside of the existing JORC ore bodies will really wake this up. It is a huge, prospective tenement package, but we haven't seen some really good drill results whilst under the new GBM board. To be fair, there's been very little drilling since the board was renewed in 2019.

Bring on Yandan drill results I say, and then onto Twin Hills drill programmes.