Ann: Carlow Castle - Further Outstanding Drilling Results, page-9

Carlow Castle - please feel free to shred this as I’m trying to get head around potential value of CC.

Project 1 mill
1 mill Oz target assume average grade 3g/tonne or 0.10582 Oz/tonne.
Therefore total ore tonnage = 9.45 M (approx)
Radio Hill when completed in current configuration can process 500,000 tonnes of ore pa.
500,000 x0.10582 = 52,910 Oz gold pa
18.5 yrs mine life - likely to be reduced if RH expands though recovered Oz will increase
price of gold approx $2400
$2400 x 1,000,000 = $2.4B
AISC - say $1250 - maybe less as own the plant (I know it’s not finished)
profit per Oz = $1150
52910 x 1150 = approx $60M pa for 18..5 yrs

Value (one method) multiple of profit – say 10 times

$60M x 10 = $600M

1.14B approx shares on issue

600M/1.14B = approx $0.52 per share