Katusa, page-23

I would put a line through T1 and T3 UG/Trex though I never attributed much value to either. Whilst there’s copper there it appears it’s not the economic size and/or grade - and focus has shifted elsewhere.

T3 in my mind warrants a much higher SP on its own - which is fairly derisked imo, even more so once the DFS is done. The big upside is if the hits at A4 turn into an economic deposit.. which proves the exploration method and the prosperity of the landholdings. Hole 6 is in between hole 3 and 8 A’s you point out but it was still drilling as per last ann. There is a backlog of assays we are waiting on.

I’m not sure on what’s causing the trading action - whether it’s the market it totally asleep, holders becoming fed up with the time it takes to get approvals and drill results, or people are applying too much of a discount for the Africa factor.. or someone’s playing games and attempting to accumulate. It would be handy for the company to bring in a couple more big institutions but that will be much easier done if they can pull off some good results on A4 and/or A1 in the more immediate term. I’m expecting an update on assays either this week or next which will help paint a much clearer picture - but regardless of the results I think it’s significantly undervalued.