Obviously there are a lot of unknowns at the moment, so much of...

Obviously there are a lot of unknowns at the moment, so much of what has been posted is pure speculation including what I’m about to write.

If you listen to the likes of Rick Rule, gold producers in general are presently bargain priced (historically) compared with the price of Gold.

At Morila we have a 3.5mt/pa (4.5-5mt with SAG mill) plant that is reconditioned & operational with considerable infrastructure ranging from an airstrip to an Assay Lab. At replacement value this is worth a fortune not to mention the 2.5m oz Resource it’s sitting on top of, and more importantly the work force and almost 700 sq km mostly unexplored tenements. Then there is the vast amounts we've recently spent on pre strips etc etc

B2 Gold recently bought OKU a Mali explorer for $90m. They had a 3.5m oz resource but no PFS, DFS, or any Plant at all, just the resource.

I’d suggest our resource will surpass that when the update from 40km of drilling comes out, and our reserve will also be updated.

My point being, at 20c we are already dirt cheap, especially if we know why they failed to meet guidance, how they are addressing that, and the same for the cost blow outs. Our Q production is after all a 30% increase on last Q.

I think if someone offered 30-40c a share they’d get over the line.

Then there is the Lithium angle. FFX owns 17.6% of Leo. You only have to look at some of the deals that have been done recently to realise the value of a tier 1 project like Leo. I know presently it’s market cap doesn’t reflect that, and also Ganfeng were able to pick up 40% from us for US$65m - but that was prior to the price explosion of Li. Stage 2 of Goulamina is not allocated & many OEMs are scrambling for raw material supply.

Look at LTR, Ford have provided them with a very cheap $300m loan & secured a 150kt offtake. Once upon a time prospective producers had to almost beg to get offtakes, now the end users are throwing in all sorts of sweeteners to secure an offtake. Might be easier to buy FFX & offload the gold assets?

I’d be very surprised if there weren’t quite a few companies running the ruler over us atm. IMO if we trade below 20c for any period of time there will be many out there ready to pounce.