Ann: Corporate Presentation - March 2023, page-4

I missed this presentation as it wasn't flagged as price sensitive but there's new and useful info here.

$A100m capex spend in 6 months when your headline AISC margin is ~$A370/oz isn't good. $60m fall in cash/bullion position over the 6 months to Dec 31st to $253m.
Moving forward, SLR will receive ~$200/oz higher gold price at $2700/oz and AISC (based on forecast) may reduce by ~$200/oz as production ramps up. AISC margin could therefore double and applied over ~150,000oz in 6-month sales to June 30 (first half sales 116Koz) would see the cash burn arrested then flip as the capex spend reduces substantially.

On Slide 11 there's a chart showing forecast tonnage and grade in FY24 from Mount Monger underground operations. This looks very similar to FY22, which mined 83Koz and compares favourably with just 21Koz in first half FY23. This will be Part 1 to driving down costs at Mount Monger, especially as all of the Tank South development will be completed by FY24.
Part 2 will be increasing open pit feed grade compared with stockpiles. They've basically admitted (imo) that the Santa pit will be developed in FY24; they are also now infill/extension drilling the Rumbles resource and have stated the "potential for multiple deposits and increased scale" in the area. Rumbles has a current resource of 87Koz @ 1.9g/t.

Clearly there's a lot of work to do at the Sugar Zone. Based on their revised forecast I think they could eke out a $A400/oz AISC margin at $2700/oz in the second half... further cost reductions by increasing available operating hours by relocating/building the onsite camp and arrival of the new mining fleet. This all takes time, part of their 18 month plan to increase reliable ore production rates and be mill constrained.

Good luck holders, hopefully the numbers will contrast much better in 6 months time then further improve in FY24.