Media, page-483

Sorry @Joelstar but I have to make the comments below.

This is part of an article on OBM. I need to vent on their statement - they are comparing apples and pears which seems to me to attempt to inflate the potential OBM SP gains in the future.

They are very obviously comparing OBM to EMR and CMM but that is not a like with like comparison:

- EMR and CMM have an actual AISC of circa 45%-50% below the figure that OBM are estimating for a 100k Oz production of mid point $2,050 in 24/25 plus they have a higher actual production in that year - note EMR and CMM is actual AISC not projected hence there is the risk OBM may not achieve that AISC.

- OBM projected 150k Oz at a mid point AISC of $1,815 or 40% above EMR and CMM actual AISC

- CMM is developing another mine and EMR is developing 2 other mines - this warrants a substantial premium especially for EMR which will be producing about 400k Oz in 2- 3 years.

The Shaw research is very poor and this is why one should take brokers research with a grain of salt. I am not picking on Shaw but brokers in general as many, like banks, have major conflicts of interest. I consider Shaw’s research note on OBM very misleading.