Ann: Norseman Project Growth Plan Presentation, page-6

I cannot deny that PC was bold, though... his follow through was found wanting.

A good presentation, but... yep, there is a butt... no timeline, no clear concise timeline for the 3rd U/G mine and no update on production.

The amount of gold already in the MRE is impressive, but... it's the amount that could be relatively quickly converted to reserves that excites me, plus... the sheer upside to what they already have. With the right team, PNR should easily be able to rival BGL, but.... we will see.

Everything is looking good at scotia, which to be fair is what matter most in the near term.



Scotia open pit is looking good too.



The sequencing is starting to come together, though... this could easily be articulated in the presentation....
Right now we might have 200-250ktpa from OK/Star.
The rest is open pit currently, but.... over coming months, this will be further supplemented by Scotia U/G. From July onwards, we should be higher grades and less reliance on the open pit... all the way through to the start of CY25.
Then it's just about how much they decide to stockpile from the Scotia open pit (it's finite, unlike Green Lantern which still has some ore in stage 1, but unclear how much, and Stage 2 is just sitting there ready if need be). But the implication is approx 800kt, or.. 2 years at 400kt, which matches Ok/Star and Scotia U/G providing 600-700ktp.a (to fill a 1.1-1.2mtpa plant).

When Scotia is truly humming, Norseman will hopefully be reborn. Tack on the Ok/Star ore at 4-5g/t and the open pit ore from scotia at.... hopefully at least 2g/t, we should see a blend of around 3-3.3g/t giving a yearly production rate of around 115-120k at a 94% recovery. Hopefully these numbers prove conservative and exclude a plant upgrade to 1.5-1.7mtpa and any further U/G mine ore (high grades over the open pit again).



Will need a lot more time to read through it all properly

A good start though.