Ann: Change of Director's Interest Notice, page-3

Great to see directors continuing to buy meaningful amounts at higher & higher prices is the big takeaway for me.

Any other gold production profit estimates?

I get AUD$150m per year revenue to AAU, that's a fairly firm figure at current gold & silver prices

The variable is the 50% of annual OPEX that AAU will be covering.

My guess would be absolute maximum of $30m

That leaves $120m p/a, minus 15% tax leaves $102m after tax profits to AAU.

For the current EV of $10m, AAU appears unparalleled for potential upside in the ASX resource space.

Steady flow of announcements and near-term term catalysts on the way:

- 25,000m drilling program commencement announcement

- Probable AUD$15m to $20m cash boost coming from arbitration

- Drilling assays

- Maiden JORC of estimated 3m oz deposit at 2-3g/t gold and 500g/t silver

- Securing debt or equity finance for their 50% share of CAPEX