Ann: Change in substantial holding, page-4

We removed something like 45k of hedges from the next 9 months using $110m?

So:

- If gold stays here, the $110m has no effect, we just get the $110m back.
- But if AISC is below the original hedged price, we make some profit on those 45koz.
- AND if production is >45koz, we were going to be selling that at spot anyway. I think projections are for >100koz for those 9 months? Maybe 110-115koz.

So you're right - gold is high, and it's possible that we make quite a lot of cash.


- FY25 AISC projected at $2475 (mid-point), and 157,500oz (mid-point). (Including 2 weak quarters)
- FY26 projected at 150,000oz
- FY27-29 190,000oz.

FY26-27 AISC of $35-42m per month, 150-190koz pa = $2210-3360/oz AISC (mid-point $2785)



So as a rough guess:

FY26:
150koz
$2800/oz AISC
30koz sold at $2750 (loss on the hedged ounces......? 2 quarters hedged. Means the AISC is pretty high...)
120koz sold at $5000 (spot $5200 today)
Cashflow after sustaining costs: $262m
Minus other costs - corporate, debt repayment, hedge buy-backs, expansion, optional exploration.
The 30koz hedged ounces had an effect of $329.6m -> $262m.

FY27 would have 4 hedged quarters, but also some time to scale up a bit from the 150koz (higher revenue, improving AISC).


That's my rough guess, if they meet projections, and gold falls 3-4% from here. And now the projections seem to be more conservative.





Not bad. It's sort of like a PE of 6, with room to expand if everything goes smoothly.