▪ Mining contractor pricing significantly higher than January...

▪ Mining contractor pricing significantly higher than January 2021 Scoping Study (“SS”)
due to well documented industry cost inflationary environment
▪ Higher estimated operating costs increased the cut-off grade which resulted in a smaller
overall pit (PFS 292k ounces vs SS 434k ounces)
▪ PFS AISC of A$1,977/oz vs SS of A$1,540/oz (up 28%)
▪ PFS Upfront Capital of A$220M vs SS A$165M (up 33%)
▪ PFS base gold price of A$2,600/oz vs SS A$2,300/oz (up 13%

Gold price now up $1000 on the base case scenario. Is it possible that costs have been shored up as inflation has fallen? But considering we are in a gold bull market I assume most of us are anticipating higher prices so what if the GP hits $4k or $5k AUD?

Not a fan of RMS and their hedging but this would be the project to hedge on. Hopefully EM u/g continues and are there any satellite pits RMS could purchase for a bit of grade sugar hit (I'm assuming no as they would have done so by now)?