Ann: Diggers & Dealers Presentation 2024, page-7

Looking at resource reserve growth now that we have both a budget and a focus it’s time to speculate. I have been out of the game too long so my numbers might be off somewhat. $25M pa exploration budget, assume 50/50 between resource growth and reserve definition. At $12.5/oz this equates to +1Moz pa, or with only a slight increase in budget, 10Moz resource within 5 years appears realistic. Conversion to Reserves is probably a bit harder, especially given the history. If you assume a little bit of OC success maybe 40% conversion or 4Moz on the high side or if you go 10 years like on a higher grade and slightly upgraded plant for up250kpa of production you get 2.5Moz Reserves. Looking at the peer table above re WGX and the potential of the Norseman field I think these numbers are realistic. If achieved value will depend mostly on the Gold price. Interesting did an exhaustive Australia wide Gold study on value creation in 1989. Not surprisingly the number one driver of value was gold price then exploration then operating performance. ie If they find more gold and the gold price goes up we are off to the races. I still have the report, antique by now.