Ann: Quinchia Gold Project (Colombia) Update, page-56

Richard that is a copy from the most current Collective Mining presentation.

They will also have to develop open mine.

Miraflores EIA are indeed for the underground. That's would be the first step to get the project started?

LCL has no funds to apply for a new EIA, and they should just update the DFS with Gold at USD1850

Starting the underground mine and mine around 50000 ounces per year would be a fantastic mining operation to get started with?

50000 ounces at $3600 = $180 MILLION DOLLARS OF REVENUE - NOT BAD?

Miraflores Breccia Pipe

• Connected to underlying porphyry
• Broad high grade intercepts including 161m @ 3.23g/t Au from 183m in QM-DH-34
• Miraflores DFS (2017) underpins core value. DFS demonstrated NPV US$89M at US$1,400/oz gold price with modest CapEx (US$72M).
• Reserve - 4.32Mt @ 3.29g/t Au for 457koz gold
• Measured and Indicated Mineral Resources of 9.27Mt @ 2.82g/t Au and 2.77g/t Ag for 840koz gold & 826koz silver (includes Reserve)
• Environmental Licence for development granted October 2023

1		KEY FINANCIAL INDICATORS	UNIT	US ,200 Au/oz	US ,300 Au/oz	US ,400 Au/oz
2	C1 Cash Cost	US$ per Au/oz	595	599	603
3	AISC - cost	US$ per Au/oz	639	643	647
4	EBITDA (LoM Average)	US$m/annum	27.3	29.4	35.8
5	NPV @ 5%	US$M	75	96.1	117
6	NPV @ 8%	US$M	55	72.3	89.8
7	IRR	$%	21	25.1	28
8	Payback	Years	4.1	3.6	3.3

First released on 14 March 2017 (Resource) and 27 Nov 2017 (Reserve).LCLconfirms in the subsequent public report that all the material assumptions underpinning the Miraflores project, or the forecast financial information derived from the Miraflores project, in the initial public report referred to in rule 5.16 or rule 5.17 (as the case may be) continue to apply and have not materially changed. See Resources and Reserves page for further detail.