Ann: Quarterly activities report, page-94

I made a mistake above, our AISC margin isn't $500-600/oz it's $650-$850/oz, which on all those ounces is pretty sweet!

So I have been digging a bit deeper to check how we compare to a similar sized producer like Gold Road which has a market cap x3 ours?

RED has 35-40% of Jan '23 to Sep '26 production hedged at $2420/oz, assuming the rest is sold at today's spot of $2720 means an average price received of $2615.

Applying this year's AISC guidance of $1750-1950 equals an AISC margin of $650-$850/oz. I think AISC should trend even lower over the next 3-4 years as we ramp up, get into better grades at depth, and execute the expansion that is being studied.

GOR is some years ahead and has been in cash harvest mode for a while now, they have just got rid of the last of their dreadful hedging at $1720/oz (hedging- they all do it!). FY 23 guidance is 170-185koz @ $1540-1660. So, they have a great AISC margin of $1060-1180 /oz. I realise GOR's production is simply half of a very large awesome mine where Goldfields manages everything, so their costs look great. But they're only $300-400/ oz better than RED!

I think it’s a reasonable bet in a few years with our debt repaid and hedging gone we should produce at least this much gold, and probably more ounces with the expansion, with a nice AISC margin potentially like GOR’s. GOR market cap is $1.8 billion so I think that's a reasonable goal.