Ann: Greenstone Presentation - July 2023, page-9

In so far as Musgrave Minerals takeover is concerned for A$201 million as mentioned in the announcement today.

Musgrave recommendation to accept the offer is valued at 34 cents per share with shares on issue of about 590 million. Greenstone have twice as many shares on issue than Musgrave and if we had the same resource we would be offered 17 cents per share. so for us to be offered at takeover and hope to get 34 cents per share our MRE would need to increase 3.5 times to about 1.6MOZ.

My calculations are only rough.