Ann: Quarterly Activities Report, page-9

FGO was the star of the quarter; 19.5k oz @ $939 AISC for $15.5 million net cash flow There were some outstanding drill hits ahead of mining; e.g. 29.8m at 5.25g/t Au from 149m inWGU0266 (Starlight); 2m at160.33g/t Au from 4m in WGU0307 (Nightfall, note proximity); 18m at 27.6g/t Au from 64m in WGU0245 (Trev's).

MGO had a mixed quarter; barely cash flow positive at $2.5 million net cash flow, on 25.4k oz at $1498 AISC. The main underground operations (Paddy's and South Emu) performed well, generating 216k tonnes averaging 3.82 g/t in the December quarter, versus 195k tonnes at 3.77 g/t in the previous quarter. Pre-production work continued on underground sources Bluebird and Triton; with contributions from these expected by end of next quarter and by mid-2020, respectively. Open-pit sources at Sabbath and Five Well are still largely in pre-strip phase, but contributed 56.3k tonnes averaging 1.78 g/t. So, decent performance from the MGO mines, with significant growth coming. The main downside to the quarter was failure of the bearings, and backup bearings, in MGO's SAG mill; this kept the mill offline for 20 days.

CGO is continuing with the Big Bell build out; losing $11.7m net cash flow, on 17.6k ounces at $1646 AISC. Big Bell guidance, which should be pretty up-to-date, is for first stopes to hit production in February. The infill drilling on these stopes is grading higher than plan.