Ann: Initial San Antonio Inferred Resource, page-41

Plant upgrade to 1.5mt/yr would be on the cards I think. Incremental capex required and likely enough Resources for +10/yr production at this higher rate....scoping study to come???

Multiple pits and underground opportunities to de-risk and provide ore sourcing and blending options if necessary.

1.5mt @ circa 2g/t = 100k oz/yr

Margins of AUD1,000-1,500/oz would see 100m-150m/yr EBITDA....thanks for coming (FY2020 AISC forecast at $1,250-1,400...would likely drop to lower range with increased production).

Might just be enough to fund Boda development on their own +financing if they can keep the wolves at bay.

Or, bring in a partner for Boda (would be preferred from a technical and risk management pov) and get a bit more agressive with Au project acquisitions.