Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-77

I hold both but to be honest a lot of your arguments are wrong IMO.

1. AUC had 1Moz in 2019, and AUD gold was $1900. It was trading $10/oz in the ground and margins at the time were maybe $500.

MM8 now trading $10/oz and the margins vs their study AISC is $2k. Hard to argue that that is expensive.

2. MM8 piss poor MC - yeah its trading at $17m vs capex of $163m (so 10% - not ideal)

AUC trading at $60m vs capex of $300m (so 20% - better but not fantastic)

On this point its not hard to see MM8 moving to $30m to level that playing field.

3. NPV7 for MM8 and NPV5 for AUC equalises some of the discrepancy in projections.

Cu price is much higher and reduces AISC for MM8 which also changes figures.

4. MM8 have plenty of targets left to drill same as AUC. False argument to say they have no growth. They just haven't been drilling cos it hasn't paid to do so at current levels. You made this point yourself.