Ann: Burbanks Exploration Target & Development Strategy, page-7

Any thoughts on what the potential AISC cost of mining could be given the shape of the various sites looks like (ie mix of open and underground). I’m holding BGL and watching with interest as Develop fit them out with a highly efficient operation underground. BGL started with a maiden resource of 500k Oz and grew it from there. Starting with 500k and kicking off with 60-70k pa production and reasonable AISC makes for an interesting thought experiment. I don’t have any major doubts that the resource will prove up. So this is about timing and entry points.

A lot of distance between BGL and GSR I know but any parallels seem lost at the mo due to overselling - all due to association with CNJ (an opportunity ;-) not an issue), initial miss on PGE drill (hmm really ;-)), no news on lithium (like more opportunity). Forgot, there’s that Co, Ni, DFS with an NPV at a significant multiple of our SP. Plenty of games going on… looking forward to 23.

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