Ann: Sulphide Development Update, page-8

Hi All,

For anyone who hasn't done the maths. The stated ~42 million cash flow from the operations for 11 months of operation (October 2020 to September 2021) is based on a gold price average of $2700 AUD assuming ASIC is $1950 AUD as stated in last quarterly as guidance for FY21.

As an FYI every $100 AUD of margin is worth 5 million on free cash flow over this period.

I hope they look to place the order on the concentrator sooner. COVID has resulted in significant delays to normal procurement times, and i suspect if the order is placed in december the best arrival time would be late August pushing out the project by 2- 3 months.

GLTA

wk