Ann: Calidus Pours First Gold at Warrawoona, page-16

A very pleasing outcome for all stakeholders, and like others, I think being able to have completed the project during COVID shows true grit, which I hope, will follow through into all that follows. I have followed and held many developers, and in the past, many fell flat when they finally had to the hardest part of the job, actually mining the gold they discovered.

With such a quick first pour, I sincerely hope that they were able to build up the stockpile to their 200kt target and are currently just processing very low grade stockpiles to complete the commissioning phase. With basically 2 full months in this quarter, I cannot help but have fairly high expectations that CAI is going to be able to at the least, somewhat emmulate CMM and their impecible commissioning and ramp up phase, which saw their announcing to the market fairly early on that they had already achieved a cashflow neutral position early on, and in turn, soon after they were bacially making a profit (so were able to transion into commercial production very quickly).

As a kill joy....I am happy for first gold. I will be happier with the first $1m made in a week of production (as in, when that is achieved) and that the grades are reconciling. Then.... I will know that it was not all just talk and meeting targets, but a true, gold producing team has been assembled that is going to be able replicate this again and enable all shareholders to see some serious gains into the future.