Ann: Estelle Global Gold MRE Increases to 9.9 Moz Au, page-32

Disappointing. Resource downgrade. What happened to the 1.5moz @ 2g/t at RPM?

Korbel indicated ounces have been rounded UP to 0.3/gt , its really 0.27g/t

The measured ounces at RPM are encouraging but 340oz is far from supporting a mine on its own. Basically it's just 1 year of mining that will repay half of the cappex within a year.

I don't see the point of proceeding with scoping study 2, it's really a waste of money at this point.

do the infill drilling between rpm north and south first and see if there's any study worth scoping.

Based on these results, I'd still expect ss2 to look better than ss1 (approx $800m NPV, mostly attributed to the uplift in Gold price and 1st year / 340,000oz from rpm)

Korbel material is just way too low grade to justify the cappex. RPM just isn't big enough at the moment. We need to see a way of "getting back" 1.5moz @ 2g/t