Ann: Restructure positions Calidus for strong growth in cashflow, page-44

Would be good if the Nullagine oxide ore came online in FY2025 but since we haven't started any work on it, I decided to put some numbers to the guidance released on February 29th, which excludes this. Looks like FY2025 will be an extremely tight one without this additional ore source coming online. The free cash flow number below excludes the following:

• Payments to Haoma.
• Revenue from underground or sulfide ore sources.

I've made a few estimates of what I think the fixed and mining costs are, based on previous quarterly reports, so let me know what more reasonable estimates are if you disagree. As we all know, the key for Calidus will be to increase the head grade, and in my view, their survival depends on it. Also note the very low strip ratios forecast for FY2025. If another cutback that wasn't included in the original guidance is required, this ship will sink.