CYL Value v Current Market Cap, page-4

PB you have always hated Vango and McInnes with such a passion it unfortunately clouds your analytical skills. SGI was near bankruptcy, with over 94% of its shareholders concurring and voting 'YES' to be saved from annihilation. As I have stated earlier CYL paid over $45m too much for SGI which IMO reflects its current drop. $1 could have bought SGI as of 26/9/23. The market is not so patiently waiting to see if James can turn Plutonic (and Henty) to profitability. Marymia is 12 months out from investors minds. The 40% court 'win' is irrelevant as CYL now owns both SGI and VAN. VAN's 'massive 'debt on consolidation was $11.2m and is 12 months away from being re negotiated , SGI's was $38.1m with immediate payment due, SGI's gold reserves were exaggerated by modelling shenanigans. VAN's modelling was conservative and under measured, expect IMO an upgraded JORC between 1.6m - 2.0m oz @ 8.1g/t. Regardless I concur with SingleMalt CYL needs to commence open cut asap to improve grades through Plutonic. If James last presentation is accurate with stated improvement of production to 100,000oz and cost reductions netting a stated profit of $45m per annum and a forecasted production target of 200,000 oz by 2024 than all of the above commentary is at best academic and irrelevant. PB hope this puts a balanced viewpoint across.