Ann: 2023 Annual Report, page-2

I had a good read through the annual report, and these are the main relevant points to make which is probably the latest info the market is aware of:

- DFS: Due Q1 2024. They went through all the work areas in relation to the DFS (mining, design, metallurgy etc.) and all look to be progressing well so it does not sound like there will be a delay to this timeline.

- There was a big focus on the resource upgrade and scoping study but we do not need to focus on that, those announcements have been and gone, have a read of those announcements of the past 6 months if you need details.

- Freehold property purchases: The main update to this is the following line - "Ausgold is currently considering traditional and non-dilutive funding alternatives to fund the deferred consideration and land acquisitions as part of the overarching project finance for the development of the KGP."
IMO, those who were saying an 'on market' capital raising is required for this before early 2024 when the total amount is due may not be 100% correct because it may be part of a total funding package for development.

- KGP Drilling: "Geological learnings from the AC campaign will be used to execute a targeted RC drilling campaign into fresh rock to identify hypogene mineralisation scheduled to commence in Q4 CY2023"

- Stanley Gold Project JV: "An RC and DD drilling program was completed during the year testing the Brays and Stanley Hill targets. Drilling intersected mafic granulites synonymous with the host unit of the KGP. The SGP will be the major focus of regional exploration, with an RC drilling campaign planned to intersect hypogene gold mineralisation scheduled to commence in Q4 CY2023."

Lithium Exploration: "Seven priority targets were identified across Ausgold’s 5,500km2 tenement package using existing surface geochemistry. Subsequently a regional stream sediment sampling campaign comprising of 600 samples across the entirety of the tenement package was completed with results from this campaign identifying 14 lithium target areas."
Sounds to me from this wording that the assayed stream sediment samples have already been returned and probably did not hit anything high-grade, just given indications of potential target zones and mineralised sources below surface. That is just what it sounds like from the wording, but I could be completely wrong and we get a positive Li announcement soon!

- Kojonup Project: "Considering Kojonup’s location is only 60km east of the world class Greenbushes Lithium Mine, the primary focus of exploration is for its lithium potential. During the reporting period, a stream sampling campaign and geological mapping campaign was completed. This work provided an assessment of the lithium and gold potential to aid ongoing targeting."
I am unsure how many of the 600 stream sediment samples were from this project alone but it sounds like no meaningful results came back otherwise they would have been reported.

- Woodanilling Project: "During the year, a Masters project was completed over the Woodanilling Project, which focused on mapping and
understanding the nickel and PGE mineralisation potential of the mafic to ultramafic intrusives across the project. Ausgold progressed land access negotiations over gold targets across Woodanilling. As part of the Company's lithium exploration strategy, several new lithium targets have been identified within the area. Numerous generations of pegmatite intrusions have been mapped across the Red Hill area and further work is underway to assess the lithium potential."
Unsure what 'further work' consists of but if they didnt give any precise details its probably just desktop reviews and not physical exploration.

- Other projects: These include Doolgunna Station, Yamarna and Cracow. No exploration was completed at any of these projects during the year and AUC stated that they are seeking JV partners for all these projects. Likely to help fund it and outsource the work so AUC can focus on the core projects.

Anyway that is my take on some of the wording, DYOR.