BROKER'S REPORT BELL POTTER- HEMI CONTINUES TO IMPRESS, page-29

I know what you mean CV It doesnt seem to make sense. we had the same valuation when we had nowhere near as much gold and falcon duicon and the other good news was still unknown. OK it probably got a bit ahead of itself and overvalued back then but it still I dont think the price since has aligned very well with the growth in our asset.

Since the first time DEG reached $1.60 we have had a few headwinds.. the gold price flattened, other sectors booming, probably keeping money away from boring old gold, a cash raise, crypto-mania and god knows what else..We may have been a bit of a play thing for some of the banks along the way too but even so you would think it would still have a higher price. Maybe its the number of shares on issue not helping it.

I wonder if the problem is that there is a bit of a psychological barrier where people look at our market cap and say thats high for a company that is purely an explorer, producing no gold at the moment etc, not fully considering the size and likely potential of what we have.

Lets say if each of our discoveries were made and owned by a different company then you added the value of all those companies up, I cant help but thinking all together they would be valued at a lot more than DEG by itself as one large explorer that owns them all.

This is why I think it would be a good idea to do a JV.. I dont think the market would miss it if we swapped a little bit of our potential for a wad load of cash and it would like that we had started to progress down the path to becoming a miner sooner with no concerns about cash for the foreseeable future and still have epic potential.

What do you think is a fair price as it stands now?