Ann: Trading Halt, page-106

A few other bits of information I remember from Tuesday:

- Simon holes to be extracting ore from stopes this time next year and being added to stockpiles of ore with the first gold bar late in 2026
- he wants to build up a lot of stockpiled ore - he explained the stockpile will enable SPR to have debt (if they need it which he is hoping they won’t) with no hedging. I suspect the other reason for the stockpile has to do with maintaining a steady ore feed to the plant at whatever rate they end up deciding between 1-1.5mtpa since the NN/Pepper has highly variable OVM.
- they plan on having 10km of development before producing gold
- the deferral of the FS/reserve to mid-2025 is due to Pepper - but I forgot to ask the obviously question ie do they want to include up dip resources above Pepper in the mine plan or is it for some other reason
- Freak gives them a longer mine life or an option to increase production - I guess it depends on future exploration success which option they go with
- they are not fixed on just finding high grade resources at 9-10g/t and even 4g/t of 0.5m Oz is a big add on - I agree and even if Freak were to be 4g/t that adds significant value
- 2 drill rigs initially from UG (same metres drilled as more than 4 from surface) - drilling starting UG in early February 2025
- they are spending $1m to upgrade the core sorting facilities as they will be processing heaps more core samples
- intend drilling the blind target north of NN in 2025 from UG
- processing costs will be higher than in the past for the mill and an AISC of $1,000 is too low