SWOTs

I've seen a SWOT matrix presented by analysts from time to time and thought it might be useful to do one for FLG. This is my opinion and not any broker's and reflects my current view that the #1 weakness that sticks out to be remedied is "Lacking a high-profile mining executive on the Board" - a real, done it before, mine builder that would bring the much needed credibility that Pantanillo is going to be developed by FLG. The project's strengths say to me (and it follows a profile that I have in several other holdings) that it will be built - and I want it built by FLG. No disrespect to (PL) and (DH) but they are not experienced mine builders (and I've said this to PL). I look forward to that changing ... got some time still as plenty of desktop work to be completed that a mine builder would want done before signing on.

Second one is the Option Agreement. IMO the market is heavily discounting the FLG because an option is not 100% ownership. But for a small company like FLG it is far more "capital light" that having "Earn In rights" requiring significant capital to be invested on a schedule. It seems to me the market thinks the Option isn't "good" (maybe its because it is South America but Chile is a tier-1 jurisdiction).

Anyway happy to hear thoughts on other SWOTs that could be added.

	FLG SWOT ANALYSIS

	Strengths	Weaknesses
1	Sizeable, Advanced Oxide Gold Project – Pantanillo (PGP) (>1Moz Au M&I)	Latin American jurisdiction receives ASX discount when compared to Australia
2	Surrounded by gold majors (Barrick, Kinross, Newmont) in prolific Maricunga Gold Belt	Binding Option to acquire the PGP is misunderstood/mispriced by the Market
3	Existing Resource Expansion opportunity	Lacking “high-profile” mining executive profile at Board Level
4	Easy Access to key Infrastructure (Road, Water, Power, Markets)
5	ROM Heap Leachable Gold Recovery
6	Proven flowsheet
7	Low-Capex (no crushing/grinding flotation)
8	Low-Cost jurisdiction
9	Well defined permitting regulations (Chile)
10	Opportunities	Threats
11	Under-explored (5% property drilled)	M&A target (opportunistic)
12	Highly prospective (7 drill target areas identified)	Potential changes to political landscape
13	Desktop studies to capture ~800Koz (pit shell optimization)	Project yet to be permitted - social license to operate
14	Under-drilled, open down dip and at depth	Funding Requirements/Equity Dilution
15	Potential JV due to project scale & location
16	Undeveloped Copper oxide project (Rosario)
17	Leverage to Gold (and Copper) price