Ann: Maiden Federation Resource Estimate, page-8

Good maiden resource. Was expecting 5-8Mt based on the dimensions of the 3D model but those were obviously unconstrained block models. Unconstrained, we see in the sensitivity table that there is close to 6Mt of mineralized rock, so some optionality in a higher price regime.




At avg A$373/t NSR rock at 500ktpa, that is well over A$100M in annual operating cash flow for at least 5 years.

Too, in the recent exploration update, Aurelia extended mineralization at depth by 120m so that will increase tonnage in further iterations.

Positive overall.