Ann: Company Presentation, page-52

put it all together,
what are the sellers thinking ? value ? or pip trades. (3.7c cr cappers)

Forget the sp, forget the mc.

Have a look at the peers, and what should we be worth when drills stack up to validate historic, come jorc, come scoping study ?

Flush todays sellers out, and what will buyers pay when the stock has flushed into long hands, when scoping study arrives ?

For mine, this is a 20-30-50 mc, with when jorc in hand then road showing its no.1 jurisdictions, and grades, jorc, infrastructure. Just depends if market gets awareness, and if scoping study indicates what would suspect with good infrastructure may benefit.

Speculative betting at 4.5m mc, 2m ev.

TMT probably a reasonable peer.