Ann: December 2023 Quarterly Report, page-35

Hi Spec,

For sometime there’s been discussion on Westgold milling … WGX consistently present presentations with mill capacities Fortnum 0.9 mtpa, Tuckabianna 1.4mtpa, Bluebird 1.6 - 1.8 mtpa.

Whilst it appears you continue to believe all WGX commentary, like most companies I believe they are being selective in promoting the positives. . I have shown the milling numbers for 22, 23 and H1 24. Clearly milling tonnages continue to decline and are not close to the mills stated nameplate …. Down to 3.5mpta annualised using H1numbers. We all know they have enormous stockpiles yet can’t get close to nameplate … this indicates a condition and reliability problem from their ageing mills imo.

I would also question the continued claim that a mill has 1.6 - 1.8 mtpa capacity, I have never seen any other mills nameplate with a range. Yes a mill maybe capable of above nameplate in selective conditions but it’s certainly not stated like that.. it’s bullshit to me.

The continuing filling the mill rhetoric is window dressing …. It will require more money to upgrade the milling not an acquisition.

Just my thoughts.