Ann: Appendix 2A - Exercise of Options, page-17

I'm still keen for more early conversions as it increases funds for further resource definition and test work ahead of the DFS. They have done a lot of drilling and Carey's Well and Condooringie Well to determine extent of resources but they would need to do further infill drilling to convert resources to M&I they can use in the DFS.

That could mean an increase in NPV beyond what could be achieved from current M&I resources. It's increased annual NPAT I am most interested in though and for that to be maximised I think more test work is required.


Extension of Life of Mine increases NPV but doesn't increase NPAT.