Ann: Quarterly Activities & Cashflow Report, page-3

I like this Ann and generally speaking, the grade and ounces speak for themselves.....MGV have seriously good grade.

Did a little valuation comparison on Break of Day (327koz @ 10.4g/t) vs Penny West (355koz @ 13.8gt) which went for $208M AUD in Mar 2020 (RMS takeover).....but MGV have ~1Moz in the ground at 2.3gt....roughly speaking, we're probably a $350M takeover target on a real bad day?

BTW, 4 QTRs of funding left.....not an issue yet, imo.

Question - does anyone have a Top 20?


Some thoughts on RMS (~40km down the road)

• As per Noosa Mining presentation (Jul 2022), they have a falling production profile starting in 2026 (see image below)
• RMS tookover Penny West (SPX) in Mar 2020 and based on their chart, it was 3 years to production
• So working back from 2026, you'd think there's a similar strategic move is in the pipeline...as in shore up more ounces 3 yrs in advance
• MGV would be a prized catch, and then some
• Food for thought

DF

RMS - Noosa Mining Presentation