Rerate, page-79

I think your being conservative and fair enough the stock has been beaten back from the euphoria of the mining right to a long valley of death to production.

What was it July 2021 we hit near on 15.5 cents for a day on mining right and since then gone backwards. The early mining initiative turned into a fizzer as well.

However, AISC has dropped due to savings on power and different modelling / contracts for the contract miner Modi. So the last 18 months wait has at least made the project more attractive to finance. On top of that Gold price is moving North.

I think people will look back and gone geez I wish I bought at 1.9 cents. Especially if finance and longer lead items like the dump trucks are bought end of Jan for April mining start.

NPV of the project to West Wits pre tax is $220m USD @$1750 per ounce we are at $1900 an ounce so $240 USD. The project is valued at $340m AUD for phase 1 only at 55k oz per annum and our share price will re-rate once it comes on the radar of gold bugs. North American ones if the asx won't re-rate the share price.