Ann: Norseman Project Growth Plan Presentation, page-21

Just running some Operating cashflow numbers. Looks like approx $40M op cashflow this quarter. This would be a dramatic uplift on previous quarters. The key question is can they meet guiodance?

Key assumptions. Company FY24 production of 71koz is hit, this leaves 26,435 for the JQ24.
Q av gold price is approx A$3,550/oz so far, assume for full JQ
Assume costs are flat Q on Q

Rev Op Cost Op Cashflow
DQ23 $55.3M $59.5M -$4.3M
MQ24 $57.3M $54M +$3.4M
JQ24F $94M $54M +$40M