Ann: Mt Freda Upgraded Mineral Resource Estimate 2021, page-7

Assume conceptual process rate of 300,000 tpa from Mount Freda (head grade 2.66 and 905 Recovery) for annualized 23,940 ounces. Mount Freda is 100% owned. Assume gold price of A$2,200 per ounce and asic of $1,600 for free cash flow of $600 per ounce. That equates to 23,940 ounces x $600 = $14,364,000 free cash flow BEFORE we include open pit mining of the Golden Mile which is 80% owned by AMG.

Assume ballpark guesstimate of gold produced to AMG from both Freda and Golden Mile, annualized at 40,000 ounces x $600 = $24,000,000 free cash flow. Good luck to all longs.