Ann: DFS Delivers Strong Results on 1st Stage of WBP Development, page-105

Understand most here are scratching their heads on the current share price (myself included) but some things to keep in mind if you are trying to think about the long term value of this company (and ignore the short term noise).

DFS only includes the Qala Shallows with a MRE of 722,000oz, grade of 3.06g/t and AUD NPV of $144.22 - AISC = US$1,147 with all site infrastructure capex in this figure.

Consider that the DFS represents only 42% of the scoping study's total 1,730,000oz with a grade of 3.4g/t. This expanded production will utilise the established site infrastructure (US$13m - US$20m capex) and the grade is improved by 11%, which should provide an improvement for the average AISC for the scoping study total production.

Consider also the current JORC MRE of 3,551,000oz (above 1,500m) and grade of 4.26g/t for the WBP when compared to the DFS. The total WBP MRE is close to 4x greater the MRE of the DFS. The average grade of the total WBP MRE is 39% higher than the grade of the DFS. The WBP also once held a JORC MRE of 12m oz and the management team have stated that they are targeting to build upon the total MRE as they progress the mining operation.

There is also the Mt Cecilia exploration project in the Paterson province to consider.

Not ramping one way or the other here. People can place their own value on this company based upon how they see things, TA or FA. Just trying to offer some thoughts on separating the noise (short term share price) from the signal (tangible company value).