Ann: Scoping Study Results Highlight Potential for Long Mine Life, page-40

Key big things out of webinar

- Not 20 year mine life at 20,000 Ounces per annum but 25 years at average rate of 80,000 (33% increase plus 25% increase in LOM)
- DFS draft document due this week, then approved and released. Seems to be tracking well. However people must note it is the DFS on Qala shallows only so it will not show the above mine life. It will show the economics of the QALA shallows only and there is 4 reefs that are going to be mined over the 25 years
- MQ stated they are looking for maximum debt funding and potentially through govt debt agencies. They want least dilutionary funding as possible and believe there is cases for govt agencies to participate due to the economic implications and employment implications for local economy.
- Jac stated that the DFS should be at worst similar AISC as neighbours (DYOR on what that might be). Optimistic that it will be a few percentage points better in the DFS. However financial model is not complete as yet and can only speculate.
- Early mining program has started, Bush clearing and fencing occurring.

We are in year as per the graph, so yes it will be a ramp up but will be pouring bars inside 12 months.

Stock markets are forward looking, I will let you think what say the run rate of the following maths is

= (80,000 Ozs x Gold Price) - AISC) x 0.66