Ann: Dec 2020 Half Year Results Investor Presentation, page-27

Just listened to the recording - a few things stood out on Federation;

- Shallow, high grade gold with deliver early strong cashflow
- Ord analyst then suggested his numbers pointed to $200m of cash flow pa in the earlier years
- Drilling has been focused on M&I conversion for scoping study and they now have returned to extending the strike and depth of the resource, so we should expect the resource to grow
- Grade of the gold resource (which is high grade/nuggety) is expected to increase with higher density drilling
- The gold equivalent grade of the M&I resource is 12 g/t which would make it the second highest grade operation in Australia

Federation will be a $1bn NPV mine - they may not get all the way there on the scoping study, but will once they materially increase the resource next year