Ann: Potential for a Globally Significant Gold Project at Estelle, page-23

Some numbers on potential life of mine and annual revenues.

I've assumed 50% of the resource is identified as a reserve for the basis for a project and a life of mine of 10 years from this as a starter pit ( noting Estelle has potential for numerous other large size deposits ).

Annual revenues from a resource of this size could easily be in the AUD $183M to AUD $442M ballpark.



For a project with similar characteristics in terms of grades and production method and is in construction:

https://www.vitgoldcorp.com/

• 200Koz pa production planned.
• Currently in construction.
• Current market cap CAD $280M.
• First Gold Pour is in H2 2019.

Potential depth and length of Estelle resource could be similar based on preliminary drill data we have for Estelle. Screenshot below from video above for indication of dimensions of the Victoria gold resource.




See NVA announcement from February https://www.asx.com.au/asxpdf/20180226/pdf/43rxq7ggfrv51h.pdf which includes details of a historic hole at Oxide prospect with an intercept averaging 0.43g/t over 365m. There was another hole with a highlight intercept of 1.14 g/t over 41m from 30m ( i.e. near surface ).