Ann: Quarterly Activities Report and Appendix 5B, page-9

What got me interested in GBM originally was White Dam, so here are my thoughts on White Dam over the last quarter:

• SART has worked as expected based on pilot testing. No cyanide added since September, which is actually incredible considering Round Oak were likely bleeding cash from cyanide consumption (hence GBM's favourable buy in).

• The heap has been leached since it was last loaded in 2017, and is nearly exhausted. Yet, GBM are cash positive on White Dam simply because the operating costs are ridiculously low. Production and staff costs were 755k for the last 6 months (assuming all White Dam), yet revenue from White Dam will be approx. 857k for the same period if you include the copper generated. Copper is operating on a ~6 month lag due to drying time, as they mention.

• GBM have opted not to buy in the other 50% at the earliest possible opportunity, despite White Dam being cash positive. My opinion is that GBM will continue to carry out exploration, mine studies/plans and prepare for a mining campaign to load the heap later this year, whilst Round Oak contribute 50% of these costs. Makes sense to me.

• If/when GBM load the heap at White Dam with some of the circa 100k oz JORC resource, they will be very profitable because their operating costs are so low as discussed above. Manning requirements will not change with a freshly loaded heap, and reagent costs are very low due to the use of SART.