Ann: Placement Completed Appendix 2A and Cleansing Statement, page-17

Until a PFS is released on the main ore bodies that allows us to benchmark the economic realities of mining them, there is no way to place a value on DEG. 3 MoZ as a likely end of 2020 target is meaningless if the defined resource is so patchy that it cant be extracted without massive costs, and if, for example, the stacked lodes at Toweanna cannot be followed visually by the miners it is impossible to define and target without ongoing exploration drilling and assays. Yes there is gold, a reasonable amount, yes the metallurgy looks good, grade is borderline ok in places, but getting to it, being able to recover most of it with little waste, these are critical unknowns. DEG report the average grade of intercepts, but not the average grade of "pits" for example. So a 1.8g/T resource may actually be 0.2 g/T across all the material that needs to be extracted to get at the measured higher grade intercepts within it. Now DGO may have inside info to be able to make that call with their investing, but we don't. The PFS has been delayed again and again, to a point where its hardly ever mentioned anymore, partly as the goal posts keep changing wrt which ore body is flavour of the month, but even a rough, back of envelope indication by an experienced mining engineer would be sufficient to know whether we are being had or not is not too much to ask for! I'm quite sure the major investors have has at least that basic appraisal by their engineer advisers. So its far from a level playing field at the moment.