Ann: Annual Report to shareholders, page-9

they have doubled their resources in the last 12 months. thats where the drilling dollars went.?!

"As a result, a number of important and positive outcomes have been achieved over the past 12
months whose highlights include:
• An 99% increase in Mineral Resource at Lake Carey from 439,000oz @ 2.3 g/t Au to
874,000*oz @ 2.4 g/t Au
• A scoping study into a Matsa owned and operated processing plant at Lake Carey returned a
favourable outcome improving the bottom line at the Fortitude mine by A$33M
• Positive cash flow of A$96M from the Fortitude and Devon pits utilising a proposed Matsa
processing plant
• Adopted a clear strategic pathway to realising vision of transitioning from an explorer with
periodic small scale mining to a long term sustainable miner with processing capacity
• Suspension* of production at the Red October underground mine to enable a full drill out, mine
design and rescheduling of the operation
• Established resource and mine development hubs to provide future operational and scheduling
efficiencies
• Disciplined and diligent execution of a robust exploration and development project pipeline
clearly aimed at delivering on the strategy"

If you are betting on gold rising, then picking a cheap 20m stock, with several niche assets can return cash flows.