Ann: Positive Regional Results at Withnell Calvert and Gillies, page-72

We are not going into gold production until at least 2025. Increased mining costs will not impact us now, but is impacting other established gold miners in Australia and around the world more severely. This will inevitably lead to cost cutting and reduced outputs by established miners, and reduced exploration spend, which leads to even less new mines coming on line.

At the same time all the macroeconomics data tells you that we are going into a period of stagflation, possibly for years. Investors will be looking for a tight gold market as store of value, as crypto plunges towards zero and a falling sharemarket and bond market.

Simple economics tells you that as a result, gold price will eventually responds to reduced global gold output by cost-saving miners by moving higher. What will be the price of gold be when DEG starts production? Very conservatively let’s say we will have an AISC of $1600 by then, that is still a good margin for gold price of $2600 (now) or higher in 2025.

Remember what Andy has said repeatedly? Some miners are valued at $500 per reserve ounce. Let’s wait and see what our reserve numbers are.