Ann: $5 Million Placement to Advance Forrestania Opportunity, page-9

Would work on something like 20c/km/t trucking rates. So for 320km round trip that is $64 per tonne.

At a head grade of 4.3g/t and 93% recoveries you get a net grade of 4g/t. That is 7.775t/ounce. Or around $500/oz.

Operating cost for U/G from the PFS was $92/t of ore. So again based on 7.775/t/ounce recovered that works out to $715/t mining cost.

Estimated processing cost for high copper fresh material was $41. So this adds another $318.

Per PFS there was another $215 for Admin, G&A, RC/TC's, royalties etc.

This gives us a total of $500 + $715 + $318 + $215 = $1,748.

Now Cu if we process 7.775t per ounce the copper production we have 7.775 * 0.6% * 83% recoveries = 0.0387t per ounce of gold produced. If we assume $3.50/lb (conservatively for Cu) that is A$11,846/t.

So credits would be $450/t.

That gives us a net cost of A$1,300/t. That sounds too good so I am sure I have forgotten something. Happy for someone to point out to me what that is if anything stands out.

But this is the beauty of mining a high grade subset.

Even if you assume A$1,600/oz AISC that gives us $2k margins on ~75koz production. Or A$150m per annum at current prices. If we can generate that based on using the FNO infra and speeding up timelines approvals and keeping capex under A$100m the numbers look very good.