Ann: Presentation to 2021 AGM - Byron Miles, page-3

So...

Highly unusual that the results for the voting were announced after the AGM (little suss), The purpose of the AGM is for the shareholders to discuss the outcome of their votes isn't it? lol and the numbers voted “for and against”. Seems the meeting was at 2pm followed by the results of the meeting put in the ASX platform at 4.30pm after market closed. Seems no question time from the floor to directors. So basically a “ this is how it is” and see ya'll later.

As for the photos in the presentation and quarters lots of questions, i may point out that the rhetoric in the presentation did not match the photos, Vat and processing civils 90% complete?, that’s certainly not evident in the photos, i am also mystified why three massive barren solution dam and two other solution ponds being developed alongside the Leach vat were necessary to be so massive considering the main Vat is only 40,000 tonnes. The barren pond is to hold liquor from the vat which will hold approximately half solution to the ore, that would have the Vat at 20,000 tonnes of cyanide solution, that would only require the Barren Pond to hold max 1500 tonne (1500m3) it’s a recirculating load. 20m x 20m x 4m is all is needed allowing for 1m freeboard should be maximum size. Judging by the photos and using the 14m or 40ft containers as a judge for size I see three pond structure being excavated, the ponds are approximately 45m x 75m each and appear 3m deep, Which weird mad scientist designed them?(mental) Each one would hold an estimated 10,000m3 of solution, I don’t know what metallurgical company designed the vat and the ponds but obvious to anyone in the gold mining business that only one pond is required for a Vat leach operation, the actual vat is the PLS pond. Only one pond for a Vat leach operation is required, a PLS pregnant liquor solution pond is only required for heap leach where the pregnant solution flows into the PLS pond and then pumped through the carbon columns to extract the gold.

The whole idea of a Vat leach is the vat acts as the leach and PLS pond, the solution is pumped directly through the carbon columns, hence no need for pregnant solution liquor. Once the solution has been pumped from the vat and through the carbon columns only a barren single pond is required, the liquor in the barren dam acts as dual purpose pond and is replenished with cyanide and lime (lime to keep the pH level above pH 10) and then pumped back into the Vat. Someone should tell the designer that TBA is a Vat operation and not a heap process, god knows what the other two ponds are for. An absolute mess and waste of time and money and totally not required, then having to spend a fortune on lining them. Only one small Pond is required (if you have plenty cash you can build a small dam to reload the liquor with lime and cyanide).

The whole pond only needs to be 20m x 20m and 3m deep, allow extra metre for freeboard in case rain, so seems we have 3 ponds that will have cost a motza to build and line with plastic and hold 30,000m of solution when only 2,000m3 is required.
If the rest of the operation is like this, God help us, i also saw in the quarterly photos a 90 tonne excavator! They have a 10m3 bucket, I see 3 tiny CAT dump trucks that hold 10m3, One bucket to fill each truck? So 45 seconds to dig & fill each truck.

Great design team between the Vat mess and the matching of the excavator to the trucks. A 90 tonne excavator requires 8 x 120 tonne Dump trucks with a 15min turnaround time. Things should go well, my guess gold in 3rd Qtr but 2023 if the same team installed.

Anyway food for thought! dyor as always.

Cheers Burgers!