Operational Gold Mine 2025, page-61

Morning all.
Just another great ann from Degrey.
There was a little bit of language that caught my attention that I am sure you have already picked up.
Had to laugh during the interview when Bjorn asked Simon, "Do you have a number or indication for the resource est"?
To which Simon simply answered "No".
He did however elaborate on that and referred to the brokers indications of between 4 and 6 moz.
He also pointed out that the variation in those numbers would be affected by the dates of the preparing and drill hole inclusions.
If we use Bell's-



If we are to adopt this as Simon alluded to, we can also consider the value for money being derived from a number of aspects-
1. money spent over the past Q was $17m leaving a balance of $87m = plenty of firepower to keep drilling.
2.The resource definition will be base on a depth of 300m.
We already know that all ore bodies are open along strike and at depth.
That depth is 500m, 200 below what the resource estimate will include. We are approaching double the depth.

If we consider that the broker consensus is telling us that we are reasonably valued at the current SP, I think we need to also look at the above factors and more.

Our land size gives us plenty more exploration potential in a district scale discovery that is proving to have no boundaries yet.
I liked how Simon raised what they could expect from further exploration.
Another Hemi or 2 OR, "even more".
Metallurgy in the mid 90's recovery and the shear size of this is exceptional to date but the potential is still enormous.
By the time we get our resource estimate, we will already have a multiple of that further delineated.

Thats what keep us here, and thats what keeps us optimistic.

Kind regards, Wack.