Quarterly projection, page-34

With total 4.4Mtpa milling capacity (Laverton at 3Mtpa), the amount of gold produced by GMD is constrained by the ore quality (e.g. 2g/t ~ 300koz, 3g/t ~ 400koz). Laverton mill is currently processing low quality (0.5g/t) stockpiled ores plus purchased and better quality (2g/t) third-party ores. It is the under-performing mill. However if better quality ores are mined in Laverton plus better quality (3.4g/t) ores from Hub are shipped to the Laverton mill, then Laverton mill can contrbute drastically to the overall gold production. Lets also hope a motherlode of good quality ores are found in Laverton! GMD SP will explode if so.

For the above reason, I suspect the revised plan, this coming Sept, will focus on the increased production at the Laverton mill. Expect another step-up in gold production in the 10-yr plan towards achieving the "Aspire 400" goal of 400Koz gold production.

It is now very clear on why RF has Laverton mill (the earlier restart of it by 6 months) as the core focus of the DCN acquisition in an expanded gold production. Coupled with increasing gold price, this is where the increasing valuation of GMD will come from. Therefore expect 250Koz for FY26, 275Koz for FY27,..... in the new revised plan.

Here are two big IFs for @bruham i.e. IF the above theory is correct then we can expect another boost to GMD SP in Sept. IF we get to $6.00 by July, then we can expect a ~$1.00 increase to the SP following the Sept announcement. I will start building my retirement castle in my dream.

Have a good Easter Monday. GLTA.