Ann: 31 December 2023 Interim Financial Report, page-2

The market is asleep at the wheel on MEK. Re-factor in the current gold price $3285 into those numbers current gold price would drop payback to 10 months. The increase in NPV is around $130M (3-4 times our current market cap). Current gold prices that NPV value must be around $500M.


Undiscounted free cash flow (after capital and pre-tax): $363M (at $2,750/oz) and $521M (at
$3,000/oz);
▪ Pre-tax Net Present Value (NPV5%) of $249 million ($2,750/oz) and $371 million ($3,000/oz); and a
pre-tax Internal Rate of Return (IRR) of 40% ($2,750/oz) and 56% ($3,000/oz);
▪ Payback following process plant commissioning of 22 months ($2,750/oz) and 16 months
($3,000/oz);