Ann: AVL in Strong Financial Position to Complete DFS, page-59

With reference to

Gabanintha Pre-Feasibility Study and Maiden Ore Reserve

Using column 1 of Table 2 Key Financial Outcomes (US$) gives USD 125M --> AUD 125M * 1.38 = AUD 172.5M, which is about a 5 bagger at present mkt cap.

Perhaps more realistic worst case is column 2: USD 280M = AUD 386.4M. which is about a 10 bagger.

These figures do not take into account

[1] possible changes in measured, indicated and inferred resource
[2] change in the level of cooperation* between AVL and TMT.

* There is no doubt in my mind that one mine at Gabanintha is better than two.