Ann: Apollo Hill Preliminary Economic Assessment, page-13

Interesting comparison. Marigold for the half year to June 30 2023 produced 112 koz @ A$2,539/oz (AISC: US$1659). They have much better economies of scale in that they produce at almost twice the rate of production (about 225 koz per annum) however they have a head grade of 0.47 g/t, a strip ratio currently at 3.1 and a recovery rate of about 75%. This equates to an SARG of 0.09 g/t versus Apollo Hill which is 0.16 g/t. SSR are still making money at a sub 0.10 g/t SARG.

I suspect Saturns AISC in the current cost environment could be closer to A$2,200 /oz but provided the gold price can stay around A$3,000 an oz, or potentially go higher in a recessionary environment, that would be ok. A recession would also presumably normalise operating costs some what.

Its presently a horrible time to be costing future mining projects