General Discussion, page-9473

Sharing Wilsons' updated report on LLL below.

Regarding their Target Price, it's important to note the following:

1. Project NPV is valued at A$5.24/share and LLL's effective project interest of 36% ownership (after Malian Government's 10% free-carry) equates to NPV of A$2.01/share.
2. Wilsons states that if LLL chose to liquidate their remaining 35.5% economic interest in Goulamina at the same valuation as their recently sold 5% stake in the asset (sold for US$65m to JV partner Ganfeng), this would still result in a company valuation of ~A65cps (~30% above the suspended share price).
3. Wilsons target price of 45cps is only based on a conservative 30% discount to the ‘liquidate scenario’ valuation (point 2), which will be rerated / re-linked to their assessment of project NPV (A$2.01/share) once production commences later this year and when there is more certainty over the regulatory and ownership outlook (coming shortly).

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