Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-189

Like all things market, it's an bass case guesstimate of the low. 0.7c is $10-14m market cap depending on oppies converted before expiry. Cash in bank will only go so far before dilution or offtake occurs.

I get this guestimate by looking at holes drilled, lab analysis performed to date and desktop studies done (PFS) as these are the only real assets the company has. The value of a lump of rock in the ground which isn't coming out is effectively zero. Of course there is a fair bit of ± in the guestimate, so it might be $7m or it could be $20m market cap. Reality is that without either an offtake agreement or a musk moment, our rocks aren't going to move.

The PFS is a cracker of a paper, although, this means diddly sqat if no one wants to buy the rocks on our lease due to unfavourable macro conditions.