The release puts forward a base case scenario, which illustrates...

The release puts forward a base case scenario, which illustrates CAI producing circa. 70k oz from the Klondyke resource and reserves in FY24 and FY25.

This, in itself, should allow the Company to break-even from a cashflow perspective providing open pit mining costs can be reduced in Q3. Currently, open pit mining is costing $1350 per ounce and CAI are aiming to get this down to circa. $800 per ounce over LOM.

Moreover, HAO's annual report 2004 states a non-JORC compliant resource estimate of 190,000t at 4g/t Au from the West Bulletin open pit. The company also provided a rough estimate of 1.5Mt at 2.26g/t Au for the Bulletin orebody but additional drilling will be required to establish a JORC-compliant resource.

This is my personal view. I don't think the board have any intention of adhering to the base case scenario. If they can successfully process 2-4g/t Au through the mill, we should easily see an annual uplift in annual production to 80-90k attributable oz in FY24 and FY25.