Ann: AGM 2024 CEO Presentation, page-10

Some good comments Joelstar,

I agree that it won't all convert. However, it doesn't look like they have drilled the deposits off at all, and I expect like most orogenic ore deposits (structurally hosted), the more you drill, the more you typically find. You just have to look at almost every single gold mine in the goldfields of Western Australia.

I listened to the CEO presentation at the AGM and Duncan mentioned looking to process when the Gruyere mill was hungry, and just being in a position to mine Yamarna if there was an opportunity. He mentioned if processing rates kept going as they were (11Mtpa), there may be an opportunity. I take the 11Mpta in the presentation with a grain of salt - this is effectively an instantanteous rate, with no planned or unplanned downtime. If you assumed 94% availability, rate would be 10.3Mtpa (and I'm not sure they are at 94% availability). I think there is an opportunity for toll treating if there are any issues at Gruyere pit (e.g. the mining rates can't keep up processing rates).

In terms of infrastructure etc, I'm not sure you need that much. I expect a lot of this will be put in place for Golden Highway by the JV. It's not too far south from that. Strip on Gilmour at least looks small 25-35m.

I wish they put all their exploration budget into this area - too much emphasis on finding something that transforms the company. From little things, big things grow and I'll settle for a good return rather than a punt. Gilmour looks like an absolute beauty. Some comparisons with market darling Never Never below. Yes, Gilmour is narrower in width and generally lower grade but it looks like it has more strike (up to 500m at surface, compared to around 250m at it's best at depth for Never Never (600m below surface))) and it's completely unmined and closer to surface. Amazing what you can do when you drill near economic gold intercepts.

	Never Never Highlighted Drill Intercepts	Gilmour Highlighted Drill Intercepts
1	12.5m @ 14.32 g/t	5m @ 15.7 g/t
2	15.8m @ 20.23 g/t	6.0m @ 10.5 g/t
3	13.0m @ 25.82 g/t	4.0m @ 16.6 g/t
4	18.6m @ 9.67g/t	3.0m @ 14.0 g/t