Hidden Growth Contract Wins or Expansions: - 21Q3 Thor Explorations (Nigeria) - 21Q4 Bulyanhulu (Tanzania) - 21Q4 Val d'Or (Canada) - 22Q1 Morila (Mali) $- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 19FY 20FY 21FYE 22E 23E 24E MSALABS Revenue +151% +99% Hidden Growth MSALABS is 74.79% owned by Capital, MSALABS management own the rest. Methodology Valuation % of Market Cap Brokers Notes 3-5x whole company EBITDA $3-5m 2% Competitor 25% EBIT margins, 2024E revenue, 10xEBIT multiple, 12% DCF $66m 32% Listed Growth Company 8x TTM P/S $68m 33% Market Discount to Brokers Target Price $2-3m 1% $- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 Brokers Notes Competitor Listed Growth Company Market MSALABS Valuation Methodologies Hidden Growth $- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 Capital Investments 30% of Market Cap Predictive Discovery FireFinch Hidden Growth $- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 Capital Investments 30% of Market Cap Should these equity stakes be valued at face value? ꭓ Some are illiquid ꭓ $9.4m Unlisted ꭓ Equity Stakes are used as part of business development. ✓ Company are active traders, supporting placings, top - slicing into strength. ✓ No contracts require an ongoing equity holding. ✓ Majority of unlisted is Allied Gold, potential value uplift if Allied IPOs.