BROKER DATA, page-9

While we wait, any educated guesses on the likely increase in the MRE next month?

Discovery cost in the last update was $13 an ounce, although that was for Never Never alone. It's probably going to go up because of spending on drilling at other locations, so I'm going to be load it up 50% to $20 an ounce.

They spent $2.8m on Dalgaranga drilling in the September quarter. I'll guess twice that across October, November and December. So $8.4m divided by $20 is 420,000 additional ounces.

I suppose another way to look at it for Never Never is against the ounces per vertical metre charts. What's the deepest mineralisation so far and how far below the current resource envelope is it? Maybe another 175 metres, at something like 1,750 ounces per vertical metre? That would be 300,000 further ounces at Never Never, but presumably they will be adding resource ounces from the Gilbey zone as well.

These are only very generalised estimates, but don't include extensions for width at Never Never, or increases in grade estimate based on successful infill drilling.