Ann: 2024 AGM Presentation, page-74

"I have been wary of the presumed potential of Mt. Monger, and so must SLR as they have never talked about expanding the mill..."

In 2011, SLR divested the non-core Rothsay project then reacquired it in 2019. Likewise in 2020, when SLR divested some of the Mt Monger assets for an equity stake in Black Cat (BC8) I think the intention was to reacquire them down the line. BC8 were to build their own plant to process MM and other ore in the region. However, when BC8 appeared to pivot after acquiring Paulsens & Coyote from Northern Star, SLR sold down their holding. What's now interesting is that the original plan is back on (expanded) with Black Cat intending to build/acquire a 1.2-1.5 Mtpa processing facility in 2025. Mount Monger is similar to OBM's 1.1 to 1.4 Mtpa set-up, processing both open pit and underground sources, 105Koz in FY25 and 150Koz in FY26. OBM recently had a market cap of $1.7B, so let that sink in. The region East of Kalgoorlie, including MM, could easily warrant two plants processing 2.5Mtpa with output matching at least that of OBM. IMHO, please DYOR as these are my recollections and may not be factual.