Ann: Further Northern Extension to High Grade Mineralisation, page-55

Agree with you on sovereign risk.

In terms of using AuEq if you're referring to PT he did use the full amount for the resource, which is true. In ground resource not adjusted for recovery (although in one of the announcements the company did post assumed recoveries so they might adjust resource estimate) as that is what is in the ground.

4.5Mt at 14g/t gives 2Moz AuEq. He assumed 540kt p.a production which gives c. 8 years LOM. 540kt at that grade gives 240koz production. Adjusted for 60%-65% gave his range of 150-160kozpa.

Alternatively as I commented to PT on twitter you can look at is a 1.25Moz deposit at 14g/t and assume normal recoveries.

I don't think the problem is the recoveries. I think the problem is that its complex.

Also PT usually excludes barite from his calcs when in reality this wouldn't be the case. It could add the equivalent of 10%+ of recoveries.

I think concession boundaries is an important first step for the resource but also showing initial intentions of the Bosnians.