Ann: AGM Presentation, page-25

I hope I am wrong, but i dont think this will have that kind of grade.

Yinnetharra has some big positives but consistent grades looks like the weakness.

M36 has had the best grades, but it isnt consistent. Look at the cross sections. Page 21 has great hits: 33m @ 1.9%, 24m @ 1.4%, 19m @ 1.6%... looks great right? Page 20 tells a different story for M36 though: 20m @ 0.3%, 30m @ 0.5%, 20m @ 0.4%.

M47 has wide hits in the 0.8% to 1.2% range. This thing looks juicy to mine. At surface and wide, this could be an open pit with a strip ratio our peers could only dream of. That being said the grades are not anything amazing.

M1 has a lot of the widest hits so far (55.6m @ 1.12%, 47.3m @ 1.3%) but it has produced its own share of sub 1% hits as well.

I am curious to see what kind of cutoff they use for this. Either they use a 0.55% cutoff as was used at Mt Ida or maybe they go a little higher, losing some tonnage to keep the grade respectable looking.

This is just my untrained view. I would love to be wrong and see 1.3-1.4% as the grade on this but I am worried we will see something quite a bit lower than that.