Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-41

TIE feasibility study had gold production year 1 weighted and therefore AISC in year 1 was much lower at $650/oz. If they hit $875-975 it will still be a good result as I doubt anyone expected the numbers to be hit.

Not to get caught up in the inflation discussions etc but Tietto published the DFS in October 2021 when inflation had taken hold in the industry (ie some would have been baked into feasibility numbers). WAF published feasibility numbers in 2018 before the largest inflationary impulse in four decades.

I don't think anyone really cares about feasibility numbers once production starts. The discount to the feasibility study is usually in the share price. It's all about predictability and delivering results. In this respect it seems very early to be comparing WAF and TIE. WAF has a lot of credibility in production (more than the vast majority of its peers). TIE has none so far. Probably 80-90% of companies struggle with production guidance and costs.

Achieving the mining rates in fresh rock with grade reconciliation is still the real unanswered question.

If they hit 200koz at $1000/oz the stock is cheap if compared to something like Orezone which is hitting that AISC now (at more like 150koz).