could be an asx limitation as we don’t have an updated DFS on...

could be an asx limitation as we don’t have an updated DFS on higher pog published but they did mention at 2150 pog the capex reduces to $44m usd

Here’s a recent update from Gregor’s far east capital below to put some perspective on current npv range for those that haven’t seen it previously.

$40.6m mcap at 1.6c. Even at $1850pog or $255m aud NPV (simply substituting usd for 66% ownership).

That’s 10c at current soi at 1x NPV for Qala Shallows alone
- Higher on current pog
- Higher on current USD-Zar
⁠- Higher on resource upgrade
- Higher when can increase ozpa
- Higher when adding stage 2-3-4 DFS
- Higher adding Uranium when they complete stage 3 drilling to annonce resource

- lower on dilution

It’s taken lot longer than anyone anticipated but eventually like with EA, MR, DFS & Toll Treaty, funding will come through as ell. Good to see the board mention they’re expecting IDC due dil to complete this quarter. Hopefully once that’s done, should open/fast track other discussions as will be a huge de risking event.

dyor of course, am a long term holder in red with an obvious bull view on wwi. Management haven’t been great with when they’ve raised $ which has resulted in more dilution than anyone would like, didn’t have the best choice of 3rd party to help with funding & have erred many times along the way. But still managed to get a spec to within $44m usd of becoming a producer with the site ready to go including all permits & utilities etc (& thankfully in good gold price environment).