Ann: Pepper Resource Soars 99% to 873koz at 10.3g/t Gold, page-70

1. Regarding NN and PP being next to each other and the resulting high ounces per vertical meter: This is a valid observation. I agree that it likely reduces the cost per ounce by minimizing the decline and level development. It would be beneficial to quantify this impact if we have the data available. the assumptions and opinions I have provided are based of data available to me unless I have missed something??


2. On the thickness of the ore body and rock competency: I agree that these factors, assuming no issues with the hanging wall (such as problematic ultramafic rock), could indeed lower mining costs by reducing dilution. It would be helpful to confirm this with geotechnical studies if they are available. Again, assumptions and opinions based off data available unless I have missed something??


3. On the assumption about Pepper having an open-cut component: Cost dynamics might differ yes. Time will tell when they actually get down to it