Ann: Santa Barbara Gold Sales Have Commenced, page-2

Always good to see some revenue.

Just reverse engineering some of these numbers.

$193k in sales, assume a 3% discount (generous) to $4,962 = ~39 Ounces (1,210 grams)

Assuming grade is the ~20g/t it's about 57 tonnes processed
@5TPD = 11 days of production

on 2 May 2025 the update was "Mineralised tonnes extracted in quarter 195.2 tonnes"

There is another round of sales next week of equivalent size, which would total 110 tonnes assuming similar figures, which looks like that's be selling just over half the gold from Q1.

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Couple of notes on some of the commentary we've had:
In Feb - we'd be at 50TPD by May.
In a presentation in March pointed to 144g of gold saying that was one days worth of production
In another presentation in March said in April there would be gold pour every ~8 days
****** interview last week said 30g/t in situ grade & at 70TPD at EOY (quite good - Link here)

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I'm not sure the sales align with some of the commentary, possibly there has been much greater delay in production then what we know. (or grade is much lower, not many days in production otherwise). There could be more gold to sell that's been produced as well.

Eitherway, 5 May announcement was that 15TPD is being consistently delivered. Looks like ~$45k/day revenue & ~$36k/day profit.


Given MC looks good.