Ann: Updated Presentation Materials, page-2

Ho Hum - not a very exciting presentation



Seems to me that much of the new footwall mineralization and planned exploration in those areas has been "overlooked" and not included in the Presentation.

Look at page 6 "Rebecca Gold Project: +1.1Moz with growth ahead "
It identifies8 vague "exploration targets" but omits Rebecca Footwall & Northern extension targets?????
These were identified in the March Quarterly Report ...
"Exploration drilling continued, initially followingup gold structures in the northern part of the Rebecca depositand excellent "footwall" gold intercepts returned from 2020geotechnical diamond drilling"....
.....
"The updated Rebecca Mineral Resource does not include new footwall (east side) gold interceptsand emerging zones in the northern part of the deposit, including multiple areas of goldmineralisation that lie inside the optimised shell but are not yet drilled to a density that allowsclassification (see Figure 2)."

The particular eastern footwall target was detailed at length in the May 12 announcement "Additional high-grade mineralisation toadd value to Rebecca deposit" Figures 1-4 ......................

but as i say above pretty well "overlooked in the Presentation"
Note particularly "Rebecca 6641410N cross section looking north" (Fig 4 May 12 & Page 8 presentation "Rebecca drill Sections")

IMO The Presentation is sloppy and incomplete in its communication of future Rebecca development potential.
Finally on page 9 "Rebecca Deposit – avenues to growth" it shows the Rebecca pit "avenues to growth"
All their historical and hysterical reference is to an "optimised" pit is shown more clearly here as a non referenced "tenement restrained" pit.

If i found a pearl or large gold nugget on my doorstep i would be sharing the news & celebrating...... not so AOP it seems?

The fact that AOP do not acknowledge exploration efforts in the neighboring tenement also rouses my interest and suspicion.

Those who have been watching closely may have noticed how coy our MD was discussing our recent tenement acquisition in a February 2021? interview.

I have written to the MD and Board seeking better graphics to more clearly depict "under classified" mineralization blocks within the "optimised" pit, and those proximal to the pit on the eastern and northern margin.

IMO the MRE released earlier this year was perhaps premature and I have written to the Board seeking clarification or a target for the timing of the next MRE for Rebecca.

I am not optimistic in receiving a clear response to either request.
It seems to me that the Board are perhaps intentionally staying relatively low key and in no real mood to show their full hand.

I smell something brewing, but realise that often the pot can brew for some time and a cherry can redden before being fully ripe.

Anyway just my thoughts - GLTH and please note the above are just opinions, not advice to anyone except the Board of AOP.