Ann: Australian Gold Conference Presentation, page-34

A few points that stood out in Ian's presentation...

14:22 - "We are planning for some drilling later this year".

It remains to be seen whether or not ADG deliver on their CY2024 drilling expectations. CY2025 is looking increasingly more likely at this stage considering it's now the Spring season which is typically the wettest period of the year & ADG prefer drilling "in the summer months when ground conditions have improved".

14:41 - "Previous Operator invested in excess of $30M of capital into the project".

In their April 2020 presentation DDD noted the cash spend by the previous operator was in excess of $7M for plant & equipment (which suggests $23M was spent on other areas related to mine development).

15:37 - "The Scoping Study spoke to $12M of capital to re-establish production. Inflate that a little & we could talk about $15M..."

The $11.88M mentioned in the 2022 Scoping Study excludes working capital. Ian forgot to inflate the working capital requirements from $3M to $5M+, so what ADG really need to talk about is $20M+ (inclusive of working capital requirements) to re-establish production at Adelong.