Ann: Update on BFS and the establishment of a sustainable magnet, page-18

I think it's difficult comparing us to a gold explorer. Australians have a long and broad history with gold and can understand the technical scoping of a potential mine located in Australia. With so many Au juniors scattered right throughout Oz you can literally plug and play your minerals estimate in with current POG and determine a reasonable MC merely by comparing to another junior located just down the road. Also mining in Africa brings an element of risk and something which l feel still tarnishes our SP.

The ability to see our undervalue is a great deal clearer when comparing to someone like GGG (MC 350M). Even factoring this morning's uplift to SP still leaves us 70M short of them, considering we are possibly years ahead of them in being production ready IF they get to produce at all.

There's no doubt had Pensana stuck to the original BFS script and released in mid OCT our SP would be multiples of what it is now. But what is now transforming before our eyes is the slow unveiling of the broader picture which will lead to a huge profitability re-rate and something that will be worth multiples of the equivalent Oct BFS model in two years time.