valuation

The last thing that concerns me with DML is the valuation.

1. DML will be a producer next year.

2. With Zeta underground there is a good possibility that we will be looking at 45,000 tpa rather than 34,000 tpa.

3. Debt can be repaid in 2-3 years which will make a huge impact on market value long term.

4. Possibility of long term exploration upside and a Besoto2 etc.

5. Dikoloti and Manganese I really do not know and for the next few years do not care to be honest. Nickel is difficult and expensive to mine so I have doubts on whether DML will be interested in continuing this. Manganese exploration has not yet commenced.

If this is not taken over, I can see myself holding for the next 2 years at least.

BR
Max