Ann: $15M Placement Successfully Raised, page-8

Not a big fan of that analysis. I'm bullish EAR but;

its hard to see us doubling our resources which implies we will add 1.7 million in resources from a 12 mill program, a lot of the drilling is preliminary and would require a lot of follow up work not including the advanced mt Joel and Corboys.

You can't just use a JORC estimate for extended mine life, you need ore reserves with strip ratios, pit shells and AISC etc.

Running the mill @ > 100% won't bring AISC down to 950. You will save a bit in processing costs but the biggest cost is mining costs.

Happy to be proven wrong.