Ann: Becoming a substantial holder, page-27

Hi mate,

Just to clarify re Borborema comment. Please don't think that it's scrapped, as it is a reasonable project. But I do think the focus has changed to more on the lines of a jv or acquisition of the project, mainly caused by the current price of gold.

Jurueana production is a lot more practical right now with small pit operations in terms of capex and AISC, again, due to the gold price.

It's all about getting revenue and profitable projects.

If there is no jv interest or purchase for Borborema, then it will probably be left in limbo for as long as gold is at these price levels, imo. That doesn't mean it's not a decent asset, so therefore should have some tangible value to the share price.

All the best, mate.