Ann: $4.5M raised to accelerate drilling at Mt Carlton, page-53

On pg. 5 of the 5 October 2021 announcement, management was expecting to produce 45-50,000oz at an AISC of $1,650-$1,700.

in the recent June 2022 Equity Raising announcement, management state that the company produced 14,600oz at AISC of $2,083 in the December quarter, and 8,800oz at AISC of $1,748 for the March quarter.

I consider that the variance from the expected numbers has spooked management.

From 2016 to 2020 inclusive, EVN spent $4.6M on Mt. Carlton exploration- see pg. 14 of 5 Oct. 2021 announcement. NML has spent $5.6M at Mt. Carlton since acquisition- see pg. 11 of June Equity Raising announcement.

It’s hard to argue about the timing and disappointment that there needs to be a raising at all, however, I’m not spooked yet! Maintaining a cash buffer seems sensible with rising costs all around. The January 2023 Quarterly Report will tell all, for mine. Production will have steadied or not, and the AISC will have steadied or not.

GLTAH