Ann: June 2021 Quarterly Activities and Cashflow Reports, page-22

Not a bad report - pretty well on par with what I expected (60% through plant) and a bit better (67%) but head grade is 1.81g/t (DFS 2.2 g/T). As a result the production was 10,356ozs (DFS 20,625ozs) about 50% of DFS. They appear to be taking the correct action on the plant by trying to fix the SKALA doublescreen issues; pity is that this will not happen until end of July (so much for Peter Nicholson promise for nameplate capacity in July but I guess August is just permissible - hope he achieves it). Find it difficult to accept that the power cuts out every time it rains (been pretty wet here in WA) but doing the right thing to change insulators. Glad to see Golden Eagle output is up - it's important to get the head grade up to the DFS 2.2g/T (now 1.81g/T) - just getting to 2.2g/T head grade will improve production by an extra 2,231 ozs. With budget production for FY/22 now at 80,866 oz means that with DFS production planned for 82,500 ozs they are now planning Q1/FY22 to be 18,991ozs which should boost AISC for the September quarter to about $1,754/ozs which at a sale price of A$2,352/ozs should give positive cash flow of about A$11.36m less non sustaining capex (i.e exploration and capex); say about A$5m. Don't understand why recovery has dropped from previous 90.8% to 87.2% - I guess it's he increasing ore from Golden Eagle (Riverina is oxide which usually gives good recoveries) - hope this doesn't bode badly for the future but I guess Missouri ore will also be different. See labour problems are hitting everyone in the WA goldfields especially around Kalgoorlie.