Hi All, Have been going back through recent announcements to try...

Hi All,

Have been going back through recent announcements to try tounderstand what additional cash may be required to progress our projects priorto LD coming online. Would be keen to get your thoughts in case I’ve missed something (everything is in $USD):

La Demajagua

$13M required for 49% buy in of MLV.

Previous spend andrecent cap raise leaves a further contribution of $4M in early 2023 for mineinfrastructure. Initial Scoping Study figures for LD (so will be updated forCAPEX and increased resource):

Mine first production scheduled for Q2 24 and AAU share of annualcash surplus $27M.

Dependent upon loan repayment terms LD may not generate cash forother operations until Q1 26.

Exploration activities:

El Pilar/ New Horizons will require approximately $2.5M morefunding for activities to end of 2023. It was good to get the next likely project confirmed, however I don’t see any costings for exploration.

Timing for project development from July Presentation:

1. La Demajagua -commissioned Mid 24.

2. El Pilar - commissioned Mid 25.

3. Antonio (New Horizons) – reopened Mid 26.

4. New VMS project??

5. La Demajagua underground mine – commence 2032.

I could potentially see projects 2 and 3 timeframes slipping as ithas been stated that cashflows from LD will be used to fund them and futureexploration activities.

I will caveat this by saying that if we get paid part/ all of $40Mclaim with the Dominican Republic govt then it will not be necessary to wait forcash from LD to progress these projects.

Additional funding to progress projects:

Short term requirements prior to cashflow from LD:

· $4M La Demajagua buy in

· $2.5M – 2023 exploration costs – EP/ NH

· Unknown - exploration costs – New project

· Unknown – additional project development costs for LD/NH.

· Unknown – corporate.

With recent raises I make it about 414M shares and 121M Oppies expiringin April 23. If oppies are in the money this will be 15.7M AUD or 11M USD which should cover the above. Dominican Republic settlement will also go a long way to moving our other projects past exploration phase.

Otherwise I could see potential future raises for between $6.5 to $10M to progress our projects.

Have I missed anything?

Cheers