Ann: Noosa Mining Investor Conference Presentation, page-7

Gold Production – FY25

	Metric	KCN (Chatree)	ALK (Tomingley)
1	Gold Production (FY25)	74,661 oz	70,120 oz
2	Gold Production (Jun Qtr)	20,278 oz	19,193 oz
3	Silver Production (FY25)	625,698 oz	Not produced

Result: KCN edges slightly ahead in gold production and adds significant silver production (~625.7k oz), which ALK does not produce.

Financial Position (as at 30 June 2025)

	Metric	KCN	ALK
1	Cash & Bullion	A$69M	A$60.3M
2	Total Cash + Listed Investments	Not specified	A$68.3M
3	Free Cash Flow (Q4 FY25)	Not disclosed	A$12.3M
4	Quarterly Debt Repayment	Not disclosed	A$1.8M + 7,200 oz hedges

Result: ALK discloses free cash flow and broader investment holdings; KCN has slightly higher raw cash + bullion.

⚒️ Operations Outlook

	Metric	KCN	ALK
1	Silver Credit	✅ Yes – offsets AISC	❌ No silver
2	Mine Jurisdiction	Thailand (Chatree)	NSW, Australia (Tomingley)
3	Expansion Plans	Increasing throughput at Chatree	San Antonio UG + Boda exploration

Summary

	Category	Winner	Notes
1	Gold Output	KCN	Slightly higher FY25 gold production
2	Precious Metal Mix	KCN	Adds large silver production
3	Financial Transparency	ALK	More detailed reporting, FCF disclosed
4	Jurisdiction Risk	ALK	Australia vs Thailand (perceived risk profile)
5	Upside Potential	ALK	Boda Cu-Au porphyry could be a future catalyst

Verdict:

Both companies have similar FY25 gold output, but:

• KCN wins on metal volume due to its silver by-product.

• ALK provides more visibility on cash flows and has lower geopolitical risk.

I compare ALK with KCN. They have similar production range but ALK aisc is higher.