Ann: AGM Presentation, page-2

Presentation states at page 8 that 40-60 tpd of rock/soil at 1.5 to 2 g/t.

Low production = 60gms per day.
Upper production = 120gms per day
No of days (working) per month 6 days per week = 312 days a year = 26 days a month

Low production = 60 x 26 days = 1,560 gms (divide by 32.15 troy ozs) = 48.52 ozs per month

Upper production = 120 x 26 days = 3120gms = 97.05 ozs per month.

Breakeven on p 8 of presentation = 90 ozs per month.

So if produce 26 days per month at Upper production levels = 97.05ozs.

Or margin of $AUD11,270 per month (@$AUD1600 per oz for gold).

Or $AUD135,200 pa.

If work 7 days a week then margin increases to $AUD445,000 pa.

The only hope is to get gold at greater than 5g/t, then margin $AUD1.1m pa.