Ann: Lady Ida Tenements - Update, page-53

The resource/reserve statement of August 2022 was a bit extraordinary, using a '...more conservative gold price (A$1850) from the previous Ore Reserve estimate (A$2200- 30th June 2021) to develop a more robust estimate for 2022..." (cf. today around A$2480) is just hypothetically high-grading your ore bodies, when your actual practice would be to mine AND report at lower, more functional cutoffs, closer to the 'current deposit specific cut-offs' of between 0.8 g/t and 1.0 g/t Au.

A nightmare for production reconciliation, unless you are actually high-grading at a higher cutoff, which is just wasting economic, albeit more marginal material. Didn't rate it myself, and felt it was a mis-use of reporting codes. Sure, do something internally to guide production focus, but felt shareholders deserved a better, more realistic representation of facts and value in such statements. Unless it is masking a lack of confidence in the resource and reserve modelling.