Ann: Dalgaranga Gold Mine Operations Update, page-77

Shuttering the operations is actually the best thing for SH's at the moment. NRW sounds like they had GCY over a barrel, and generally what happens in these situations where the mining company tries to struggle on is that the mining contractor ends taking a controlling stake in the entity and calling the shots, which is an even worse outcome for SHs.

As a geological professional in the industry, I can tell you that NN will turn into a cracking deposit and will become a very profitable underground mine. The types of grades GCY have released, and the already significant depth potential is very rare. There's a saying in mining that "grade is king", the grade is obviously there so now it depends on how big the system is.

The unfortunate thing for GCY is that they were in a terrible position to leverage off the success of the discovery. Ideally, a cashflow positive operation would look to use this cashflow to advance a project like this to pfs stage, or in other words the operation covers the cost of exploration and infill drilling, mining studies and perhaps development of ug access.

I think GCY will be determined to unlock the potential of NN, but it will require a big strategic pivot and financial restructure of the company to be successful. The tyre-kickers and vultures will be circling, so it's up to GCY to hold firm and find a path forward.