Ann: Drilling hits visible gold over 1km deep below Never Never, page-80

I am uncertain what to make of the NN results ie the lower grade holes to this point in time.

These holes create uncertainty about the average grade and OPVM in the deeper part of NN and whether the ET will be achieved. There are now more unanswered questions that only drilling more holes will answer eg could the main NN high grade body now be moving to the north away from 4P? - we do not know as they have not drilled away to the north yet. If it does not then they may struggle to achieve the 1.6m Oz target.

This has happened before around the flexure zone when the NN deposit moved to the south.

Regarding the deepest hole at about 1km deep or 400ms below the MRE - we may see an MRE at NN down to 1000m and maybe a bit more by mid-year based on how they estimated previous MREs ie below the deepest hole - if I am right a higher proportion of the MRE will be inferred than in previous MRE upgrades.

SF results were disappointing but on the positive side SF is now a much bigger deposit.

Results like in this announcement are what makes investing in exploration a risky business.