Confirmed milestones over coming 9 months

Please correct me if I am wrong here

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from today’s release

Key milestones:• Permitting and approvals in place• Underground mining contract award expected April 2023• Portal excavation scheduled to commence May 2023• Underground diamond drilling scheduled FY24 Q1• Expected First ore – month 8 (FY24 Q1)• Expected First stopes – month 10 (FY24 Q2)Steady state production• Estimated from month 15 (FY24 Q4)• Will produce at targeted rate of ~600ktpa production• Reserve grade of 4.3gpt• AISC estimated at less that $1,650/oz

With guidances, I suspect Luke would be aiming to just under promise with the realistic expectation/aim of over delivering

Also the coaches of high achieving teams do deliberately set ambitious targets to get the best out of their players

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I therefore read this statement today by Luke confirming,

- underground diamond drilling to commence July/Aug/Sept 2023 (which is Q1 of fiscal year FY 2024)
- first high grade ore from underground expected Aug 2023 (which is Q1 of FY 2024)
- first stopes developed Oct 2023 (which is Q2 of FY 2024)
- steady state production from underground of 600,000 tpa at ~4.3 g/t from March/June 2024 (which is Q4 of FY2024)
- ASIC estimated AT LESS than $1650/oz
- OBM then could quite conceivably be producing gold at a rate of 100,000 ozs/annum by Christmas 2023 and generating cash at rate of $100 million per year if gold prices stay firm

I think those ambitions are admirable and exactly in line with what I had recently been hoping for … sure, quite a lot to do but clearly achievable if the OBM team doesn’t run into any unexpected surprises with government approvals, ground conditions, plant reliability etc.