Hidden Growth MSALABS Revenue $60.00 $50.00 $40.00 $30.00 $20.00 +99% $10.00 +151% $- 19FY 20FY 21FYE 22E 23E 24E Contract Wins or Expansions: - 21Q3 Thor Explorations (Nigeria) - 21Q4 Bulyanhulu (Tanzania) - 21Q4 Val d'Or (Canada) - 22Q1 Morila (Mali) 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% MSALABS Valuation Methodologies $80.00 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $- Brokers Notes Competitor Listed Growth Company Market Hidden Growth Capital Investments $70.00 30% of Market Cap Predictive Discovery $60.00 $50.00 $40.00 $30.00 $20.00 FireFinch $10.00 $- Hidden Growth Capital Investments $70.00 Should these equity stakes be valued 30% of Market Cap at face value? $60.00 $50.00 ꭓ Some are illiquid ꭓ $9.4m Unlisted $40.00 ꭓ Equity Stakes are used as part of business $30.00 development. $20.00 ✓ Company are active traders, supporting $10.00 placings, top-slicing into strength. ✓ No contracts require an ongoing equity $- holding. ✓ Majority of unlisted is Allied Gold, potential value uplift if Allied IPOs.
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