Ann: March Quarterly Production Report, page-52

The current hedge until September 2025 is 11,930oz/qtr @average price of $2,376aud

Over the 12 months we can hit 72,000oz that allows for 6070oz/qtr to be sold at spot price.

With a life of mine open pit upper guidance of $1850/oz and a $2,950 aud spot price.

Margin would be ~$12,884,810/qtr or ~$51,379,240/year.

From this, debt interest and capital investments must be funded.

With the current debt situation and hedging commitments it is tight, however with those gone the operation will be making plenty of money.

The share price has been so beaten down, those that sold on the way down, buying back in now will result in a much larger share of the company. Even with a future capital raise the upside on this one is still large over the next 36months