Ann: Quarterly Activities Report - March 2023, page-6

$36M on a 100% basis for the Pebble Crusher for 2023 was what they said in October 2022. Assuming 350koz, that is $102/oz.

For the tailings lift, I'm guessing it is around $6M or so (~$17/oz). Feasibility Study had $23M for 6 lifts. I've increased for cost escalation.

I think you're about right of the downtime but not sure they can test it before putting it in. Let's assume 5 full days out in total (including go slow time on ramp up) - that's roughly 1.3% availability. 10Mt/92.5% availability (my guess) x 1.3% = ~140,000 tonnes lost production in the year. Assume 1.1g/t, 90% recovery, that is 4,500oz (all 100% basis).

Looks like a good quarter with record cash flow of $44.2M following on from the high gold price and elimination of hedges. Certainly beat my expectations of around $35-$40M. Tax is lower than I expected (I think benefit from DGO transaction tax losses and amortising acquisition cost). My concern is mining movements seems to be dropping, in particular ore mined.

		Mar-23	Dec-22	Sep-22	Jun-22	Mar-22
1	Ore Mined	2,156	2,468	2,140	2,672	2,637
2	Waste Mined	5,733	5,809	7,111	6,753	7,544
3	Total Mined	7,889	8,277	9,251	9,425	10,181

Still my preferred goldie (with WAF if you like African exposure) with good cash flow, no major development costs, and long life.

First exploration results for a while being announced, with some hits at Gallagher - I hope they test aggressively. Right near Gilmour and Smokebush.