Ann: Continued Ramp Up In Production at Kanmantoo, page-11

A++++ performance score.

Great to see HGO competently achieving the UG delivery.

Interesting to compare the Economic Study assumptions with the actual performance.

Copper Produced:

239 + 589 + 719 = 1,547t produced.

If Feb is counted as half a month the study forecast for the first 2.5 months is 175 + 475 + 525 = 1,175 tonnes actual production is 32% up on forecast.

If Feb is counted as a whole month, the forecast for the first 3 months is 350 + 600 + 550 = 1,500 t which is about Spot on forecast.

Feed Grade

Study had the feed grade ranging from 1% to 1.4%

Actual feed grade a tad less than 1%

Seems like they may have dropped the cut off grade given the current price environment.

Copper Recovery

the study forecast was for recovery of 93.1% at a feed grade of 1.05%

Figure 41 in the study indicates that the recovery percentage should continue to improve.

Milled tonnes:

The study forecast for the first three months was 50,000 + 60,000 + 61500 = 172,500 t

If feb is counted as a half month the forecast would be 25,000 + 55,000 + 60,750 = 140,750 t

Actual achieved 33,605 + 70,788 + 81,426 = 186,344 t.

That puts Feb up 34% March up 29% and April up 34%