Ann: Corporate Update, page-103

- Super pit may not be necessary (since we have alternatives, and the cost benefits and additional ounces are likely not enormous), more of a small-moderate benefit, but wit the significant challenge of the road. But it is likely still a superior option compared to underground, and exploration is uncertain and comes with its own challenges (permission + km's of new roads through farms...).

- Green is the likely road redirection around Super Pit.

- North of the road is realistic to expand on its own. I'd imagine is has low grade ore, as they took out the high grade already, using targeted small pits. Though that would likely be down the priority list, if A-pit ore started to become low grade or run out.

- High gold: changes 'marginal' grade from 0.5g/t to 0.4g/t for example. If adjusting the pit designs for 0.4g/t, then they may become more huge. Considering NPV (the time value of money), it's best to mine it as soon as possible and work out future problems (new ore) later. So if the pits ended up viable as huge pits, then the plant may be more effective if it was larger. 200koz now, is more valuable than 100koz for 2 years in 10 years time. Eg. imagine the interest costs of holding loans that are unpaid off in the 100koz scenario, or imagine how the funds could be invested from the 200koz now.

Or the simple scenario: silver is high, so is makes sense to invest more money into increased silver recoveries or even higher silver throughput (if possible).

- Gold down: pits get smaller (versus high gold price scenario) because low grade ore becomes unprofitable/waste. If would make it harder to pay back any CAPEX. Though management may want to drive down costs if at all possible.

- Recoveries: there maybe be marginal improvements from the plant improvement process (?) during refurbishment. Silver may be the one with a future jump in recoveries, if given the CAPEX.

- JORC: I'm not certain of specifics. But Probable reserves should be better than Inferred/Indicated resources. NVA:ASX had a case of overestimating Inferred resources (lowest confidence estimate).