Ann: $7M Placement to Advance Mandilla & Feysville Gold Projects, page-54

LOM AISC in scoping study is $1,650. If they can expand mine plan and add 200-300koz of HG material from Feysville I think that probably trends towards $1,500.

Current AUD gold price is $3,550. Would mean selling ounces at 10% of margin (not entirely ludicrous). Assuming that we are selling to someone that doesn't need to build a mill (that is when you get premium and it still makes sense for both parties).

If we see USD gold go to $3k and AUD not even move then we are talking $3k margins ($4,500 AUD vs $1,500 AISC). That would make $200 7.5% of margins or possibly selling price a bit higher.

Obviously not all ounces in mine plan so that doesn't stand for all, but flip side of that is we seem to have some fertile ground that definitely hasn't been completely explored so there is value in that.