General discussion, page-114

@dazaliam ... "So how do our Magament realise our true value regardless of peer valuations?"

You don't worry about it, you keep working the plan, start producing cash, then just continue with growth, dividends and buybacks.

The point about comparing to others, especially in the gold space, is that it gives investors confidence to hold or buy more for the longer term, knowing that there is plenty of relative value in the company.

A company that is making good cash doesn't stay undervalued for long, especially if they have enough cash to pay decent dividends and do buybacks. (I'd prefer buybacks because of tax advantages).

We currently are not making a profit, so the market can keep the lid on prices, but once we start making good coin I expect the current SP discount compared to producers to reduce rapidly. Of course there will be a fall in FFX SP when Leo is demerged, but I'd expect our Mcap to go to around the level of WAF (which I also think is vastly undervalued).

Interestingly the 2 African producing companies that are increasing production WAF and PRU have both had decent increases in SP since the March low in Gold prices, while most of the WA miners like SLR, RMS, EVN, NST, NCM have all fallen since the same late March time frame.

This indicates to me the market is paying more attention to African Gold miners, and re-rating companies with growing production, even in a down turn for the whole industry. Under these circumstances, I doubt our SP will lag the others by much if the plan just proceeds as scheduled, and of course Gold behaves..